….As minister highlights ministry’s successes
Isaac Money, Yenagoa
The Federal Ministry of Petroleum Resources (Oil) has announced a significant milestone in Nigeria’s oil and gas sector, as Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell plc, has committed to a $5 billion final investment decision (FID) for the Bonga North deepwater project.
This is even as Senator Heineken Lokpobiri, Minister of state for Petroleum Resources (Oil) highlights the ministry’s successes .
In a statement from Nneamaka Okafor,
Special Assistant on Media and Communication to the Minister of state for Petroleum (Oil), said the Bonga North project, located off the coast of Nigeria, is expected to sustain oil and gas production at the Bonga facility and significantly bolster the nation’s energy sector.
Quoting SNEPCo, the statement noted that the project is estimated to hold over 300 million barrels of oil equivalent (boe) in recoverable resources and is projected to achieve peak production of 110,000 barrels per day.
Highlighting the Ministry’s success in attracting foreign direct investment through policy reforms and investor confidence-building measures, Senator Lokpobiri, Minister of State for Petroleum Resources (Oil),
Senator Heineken Lokpobiri, highlighted the Ministry’s success in attracting foreign direct investment through policy reforms and investor confidence-building measures.
“The ongoing reform in the oil sector is attracting investors; we have addressed their concerns, and we have regained their confidence.
“We are expecting about $50 billion worth of investment to come in before the end of the year.
Once more investors come in, our oil production will increase,” he stated.
This investment marks Nigeria’s first deepwater oil project in over a decade and signals renewed confidence in the country’s oil and gas industry.
Lokpobiri emphasized the role of the oil sector in addressing the nation’s socio-economic challenges.
“The quickest way to fix the nation’s socio-economic challenges is through the oil sector. The federal government is working very hard to use oil resources to industrialize the country,” he added.
SNEPCo confirmed in a statement that the Bonga North project is part of its strategy to maintain long-term energy production in Nigeria, stressing the project will play a critical role in ensuring energy security while contributing to economic growth.
This milestone reflects the transformative impact of the ministry’s policies in attracting global investments to Nigeria’s oil and gas sector.
As the country anticipates further foreign direct investments, projects like Bonga North are poised to drive industrialization, create jobs, and boost Nigeria’s standing in the global energy market.
