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President Bola Tinubu celebrates Shell and partners' $5 billion investment in Nigeria’s oil sector, focused on the Bonga North Deep Offshore Field. The project, set to yield 350 million barrels of crude, underscores Tinubu's successful reforms that attract global investment and drive economic growth in Nigeria's energy sector.
President Bola Tinubu has praised Shell and its partners for their $5 billion investment in Nigeria's oil industry, particularly the Bonga North Deep Offshore Field. This landmark project, expected to yield around 350 million barrels of crude oil, represents a significant milestone for the country’s energy sector. Tinubu's administration has been focused on creating an environment conducive to investment, with recent reforms designed to reduce operational costs and streamline regulatory processes. The Bonga North project, part of a broader strategy for energy sector transformation, underscores the administration's commitment to growing Nigeria’s energy potential.
Shell, which holds the largest operational stake in the project, is joined by partners such as ExxonMobil, TotalEnergies, and Eni. Tinubu emphasized that this investment is a direct result of his administration's focus on enhancing the regulatory and fiscal climate for oil and gas businesses. The project also signals a shift in Nigeria’s energy landscape, with increasing interest in deep-water oil and gas opportunities. Additionally, the Bonga North development showcases the growing confidence in Nigeria’s energy future, despite global economic uncertainties.