Lokpobiri: Shell’s FID on Bonga north will increase oil production by 110,000 bpd

Heineken Lokpobiri, minister of state for petroleum resources (oil), says the final investment decision (FID) of Shell and its partners on the Bonga north deepwater project would add 110,000 barrels of oil per day (bpd) to Nigeria’s production capacity.

Earlier today, Shell Nigeria Exploration and Production Company Limited (SNEPCo) announced an FID on the deepwater offshore project in Nigeria.

Reacting to the development in a statement on Monday, Lopkobiri said he had consistently assured Nigerians that the country 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,” he said.

“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.”

Lokpobiri said the decision highlights investors’ confidence in Nigeria’s economic potential and “aligns with our commitment to ramping up production”.

“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,” he added.

The minister assured SNEPCo of the federal government’s dedication and support to ensure the project’s success.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had said Nigeria’s crude oil production increased to 1.485 million bpd.