Shell, a prominent player in the oil sector, recognises a substantial $5 billion prospect within Nigeria’s offshore Bonga North oil project. The company has undertaken a commitment to allocate an additional $1 billion over the ensuing decade to augment natural gas production, catering to both domestic demand and export requirements.
The commitment comes after President Bola Tinubu held talks with Shell executive Zoe Yujnovich in a move to attract capital to the country.
Yujnovich was quoted as saying Shell has “an imminent $5 billion investment opportunity” in the project and that “we want to continue and build a pipeline of new investments in Nigeria.”
Oil production in Nigeria Africa’s top producer has been in decline for years, hurt by theft and sabotage, but has picked up in recent months, helped by offshore production that is less prone to attacks.
Shell Nigeria Exploration & Production operates Bonga North, a conventional oil development situated in deepwater in Nigeria. According to GlobalData, which tracks more than 34,000 active and developing oil and gas fields worldwide, Bonga North, discovered in 2005, lies in block OML 118 (OPL 212P), with a water depth of around 3,346 feet.
