admin The final investment decision on the Bonga North Deep offshore field by Shell and its partners has received commendation from President Bola Tinubu. 
The president described the move by Shell as a bold initiative which brought into reality Nigeria’s first Deep water oil project in the past decade, noting that it is a positive signal of his administration’s policies and reforms aimed at attracting direct investments in the oil and gas sector of the nation’s economy.
The Nigerian Chief executive noted that the move by Shell and its partners are in line with the Federal government agenda to forge a working partnership with the private sector towards enhancing a level playing ground for all key players in the oil and gas industry. “The Renewed Hope agenda fundamentally focuses on attracting investments to transform the Nigerian economy and deliver prosperity to our people. We designed our policies and reforms from the start of my regime to achieve this goal. Shell and its partner’s decision to invest in Bonga North affirms the success of our efforts. We will continue to offer the necessary support to ensure their success and the realisation of Nigeria’s energy potential”
The special Adviser to the president on energy, Miss Olu Arowolo Verheijen described as huge, the positive impact the Bonga North Deep offshore field project will have on the oil and gas industry and the Nigerian economy as a whole.” The Bonga North FID dispels the misconceptions about International oil companies leaving Nigeria .Instead, We are witnessing a strategic pivot of IOCS powered capital and technical capacity to deep water and integrated Gas projects which align with president Tinubu’s vision of transforming Nigeria into a global energy hub. The divestments from Onshore operations create opportunities for local oil and gas companies to expand and thrive, thereby building a strong foundation for Nigeria energy’s future.”
Miss Verheijen explained further that the success of the Bonga North project and that of Ubeta oil field which had also received a FID through partnership with Total energies and NNPCL also demonstrates the efficiency of the reforms and directives championed by the president. “These projects will trigger broader investments to revolutionise Nigeria’s power generation, transportation and manufacturing sectors .As we look ahead into the future beginning from 2025,we anticipate further FIDS from international and domestic players, marking a new era of opportunity for Nigeria.”
In July 2023, precisely two months after assuming power, President Tinubu held a high level power meeting with global leaders of Shell where he told them of his government led preparedness to create investments friendly atmosphere for international and local companies. “We are open for business and serious about creating a stable, predictable and investor friendly environment”
This meeting was followed up with issuance of three Presidential directives, namely, 40, 41 and 42, specifically aimed at fast tracking regulatory approvals, reducing operational costs and introducing competitive fiscal incentives.
These directives seek to enhance regulatory clarity, acceleration of project timeliness as well as introducing irresistible incentives to boost investments in Nigeria’s energy sector.
Report by Tunde Olaore
