President Tinubu’s Appointee Reacts to New Oil and Gas Project in Nigeria by Shell Company

• Olu Verheijen, Special Adviser on Energy to President Bola Ahmed Tinubu, praised Shell's final investment decision on the Bonga North project as a milestone for Nigeria's oil and gas sector
• Verheijen emphasized that this development, along with the earlier FID on Ubeta, demonstrates the success of recent oil and gas reforms
• She expressed optimism for continued investment and economic growth in Nigeria's energy sector in 2025

Olu Verheijen, Special Adviser on Energy to President Bola Ahmed Tinubu, has expressed strong support for Shell Nigeria Exploration and Production Company Limited's (SNEPCo) recent final investment decision (FID) on the Bonga North project.

The deep-water project, located off the coast of Nigeria, marks the country's first deepwater oil project in over a decade.

Presidential Endorsement

Verheijen took to X to highlight the significance of this development, stating as thus:

"President @officialABAT welcomes this landmark development, Nigeria's first deepwater oil project in over a decade. This FID on Bonga North, and the FID on Ubeta earlier in 2024 both demonstrate the efficacy of the oil and gas reforms and directives championed by the President."

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She emphasized that these projects are expected to trigger broader investments that will revolutionize Nigeria's power generation, transportation, and manufacturing sectors.

Anticipated Growth

Looking ahead, Verheijen noted:

"In 2025 we anticipate further FIDs from international and domestic players. A new era of growth and opportunity for Nigeria!"

This optimism reflects the broader expectations for increased investments and economic growth driven by the oil and gas sector.

Project Details

According to Shell, the Bonga North project will be a subsea tie-back to the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility, in which Shell holds a 55% interest.

The project involves drilling, completing, and starting up 16 wells (8 production and 8 water injection wells), along with modifications to the existing Bonga Main FPSO and the installation of new subsea hardware.

The Bonga North project is expected to sustain oil and gas production at the Bonga facility, with an estimated recoverable resource volume of more than 300 million barrels of oil equivalent (boe).

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The project aims to reach a peak production of 110,000 barrels of oil per day, with first oil anticipated by the end of the decade.

See the X post below:

Shell Announces Investment in Oil Industry

Legit.ng previously reported that Shell has said that its Nigerian subsidiary, Shell Nigeria Exploration and Production Company Limited (SNEPCo), will invest in Bonga North, a deepwater project off the coast of Nigeria.

In a statement on Monday, December 16, 2024, the oil firm said that the Bonga North would be a subsea tie-back to its Bonga floating production storage and offloading (FPSO) facility.

Source: Legit.ng