‘Work progresses on Shell’s $5bn Bonga North project’
Work is in progress for the $5-billion Bonga North Development project being undertaken by Shell Nigeria Exploration and Production Company Ltd (SNEPCo), a subsidiary of Shell PLC. Daily Trust reports that Shell has taken a Final Investment Decision (FID) on the Bonga North project. Shell had stated that production will peak at about 110,000 barrels […]
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Work is in progress for the $5-billion Bonga North Development project being undertaken by Shell Nigeria Exploration and Production Company Ltd (SNEPCo), a subsidiary of Shell PLC.
Daily Trust reports that Shell has taken a Final Investment Decision (FID) on the Bonga North project.
Shell had stated that production will peak at about 110,000 barrels of oil per day, with 300 million barrels of oil equivalent recoverable from the area. The first oil is expected by the ‘end of the decade,’ according to Shell.
Shell disclosed yesterday that work is in progress in the project which is the first deep-water project since 2013.
Vice President Kashim Shettima yesterday commended the investments of Shell in Nigeria when he visited the company’s exhibition stand at the opening of the 31st Nigerian Economic Summit (NES) in Abuja.
The exhibition complements the participation of Shell in the summit and features the operations of Shell Nigeria Exploration and Production Company Ltd (SNEPCo), Shell Nigeria Gas (SNG), All On and Daystar Power.
Vice President Shettima who had earlier declared the summit open on behalf of President Bola Ahmed Tinubu, was briefed on the contributions of the companies to the economic development of Nigeria, especially the energy sector.
Accompanied by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Minister of Trade and Investment Jumoke Oduwole and the Emir of Kano, Sanusi Lamido Sanusi, Vice President Shettima said he was impressed with the investments of Shell in deep-water including the $5-billion Bonga North development.
A statement from Gladys Afam-Anadu, Communications Manager for Shell Nigeria said, “Work on the project is in progress following the FID which was taken early last year.”
According to the statement, Business Value Manager Chidi Nkazi, who conducted the VIPs round the exhibition stand, also highlighted the impact of Shell’s social investments in health, education and employment generation.
“Every year our operations generate revenues which are used to finance development,” Chidi said, adding, “In 2024 alone, Shell Companies in Nigeria paid $1.209 billion in taxes and royalties to the Federal Government.”