Shell Nigeria Exploration and Production Company Limited (SNEPCo) confirms its commitment to the Bonga North deep-water development off Nigeria’s coastline. The company announces a Final Investment Decision (FID) on this major project, marking a significant step in advancing the country’s offshore oil production.
The Bonga North initiative is a subsea tie-back project connected to the existing Bonga Floating Production Storage and Offloading (FPSO) facility. Shell, holding a 55% stake, collaborates with its partners to implement the following:
- Drilling and completion of 16 new wells.
- Modifications to the existing FPSO infrastructure.
- Deployment of advanced subsea systems.
The project is set to deliver over 300 million barrels of recoverable oil equivalent, with a peak production capacity of 110,000 barrels per day. Initial production is expected to commence before the end of the decade.
Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director, states, “This investment demonstrates our commitment to maintaining robust upstream production and maximizing value from our portfolio.”
President Bola Ahmed Tinubu applauds Shell’s investment decision, describing it as a pivotal moment for Nigeria’s energy sector. He credits the achievement to the government’s pro-investment policies, aimed at creating a favorable business environment for energy development.
In a statement, President Tinubu highlights the importance of projects like Bonga North in bolstering Nigeria’s economic growth, creating jobs, and unlocking the country’s energy potential.
- Operational Details: The project is located in Oil Mining Lease (OML) 118 at water depths exceeding 1,000 meters. Production at the Bonga FPSO began in 2005, with the facility reaching its one-billionth barrel milestone in 2023.
- Collaborating Partners: Key stakeholders include the Nigerian National Petroleum Corporation (NNPC), ExxonMobil, TotalEnergies, and Eni.
- Economic Impact: The development ensures continued production from Nigeria’s offshore fields, contributing to both local revenue and global energy supply.
Bonga North represents Nigeria’s first deep-water oil venture in over a decade, underscoring the country’s potential in the global energy landscape. The project aligns with Shell’s upstream strategy, focusing on high-value projects that deliver strong financial returns while supporting energy security and economic development.
This venture sets the stage for further investments in Nigeria’s offshore sector, reflecting the country’s importance as a key player in the international oil and gas market.
 confirms its commitment to the Bonga North deep-water development off Nigeria's coastline. The company announces a Final Investment Decision (FID) on this major project, marking a significant step in advancing the country’s offshore oil production.){kind=link}