I Severally Assured Nigerians Of Massive Investment Under Tinubu – Lokpobiri

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpoboro, has said the Bonga North project was an affirmation of his promise to citizens of massive investments under President Bola Tinubu’s administration.

Naija News reported that Shell and partners invested $5 billion in Nigeria’s deepwater development.

In a statement, on Monday evening, Senator Lokpobiri said the deep-water development, located off the coast of Nigeria, would generate an additional 110,000 barrels per day into the country’s production capacity.

“I have severally assured Nigerians that we would witness significant investment decisions by major companies, running into billions of dollars. I am pleased to highlight the impressive strides we have made toward fulfilling that promise.

“Following the board’s decision last year, Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell plc, has announced a Final Investment Decision (FID) on the Bonga North project. This deep-water development, located off the coast of Nigeria, will generate additional 110,000 bpd to our production capacity.

“Bonga North will serve as a subsea tie-back to the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility, where Shell holds a 55% interest. This decision reaffirms investor confidence in Nigeria’s economic potential and aligns with our commitment to ramping up production,” Lokpobiri stated.

The Minister of State for Petroleum (Oil) commended President Tinubu for providing the needed environment for investment to thrive.

He assured Shell and its partners of his ministry’s support and commitment to ensure the project’s success.

“This would not have been possible without the leadership and backing provided by His Excellency President Bola Ahmed Tinubu, creating an enabling environment for investment to thrive. I assure SNEPCo of our commitment and support to ensure the project’s success,” he added.