LAGOS – The Nigerian Association of Petroleum Explorationists(NAPE), has explained the significance of Shell Nigeria Exploration and Production Company Limited (SNEPCo) decision to invest $5 billion in the Bonga North Deepwater Project
The Bonga North Project, a subsea tie-back to the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility, will involve the drilling, completion, and start-up of 8 production wells and 8 water injection wells.
Mr. Johnbosco Uche,President of the Nigerian Association of Petroleum Explorationists (NAPE),said the evolving dynamics in the energy sector, coupled with proactive government policies aimed at attracting investment into the oil and gas industry for national economic growth, are beginning to yield tangible results.
He added that this is evidenced by the recent Final Investment Decision (FID) announcement by Shell Nigeria Exploration and Production Company Limited (SNEPCo) to invest $5 billion in the Bonga North Deepwater Project.
On the benefits of the project, he emphasised that the project will not only sustain oil and gas production at the Bonga facility but also contribute significantly to Nigeria’s energy security.
“At NAPE, we have consistently advocated for increased, sustainable oil and gas production that positively impacts energy security while supporting the eradication of energy poverty affecting millions of Nigerians. Projects like Bonga North further demonstrate the ability to produce oil and gas with reduced emissions, aligning with global calls for cleaner energy solutions.”
He lauded the Nigerian government for its role in facilitating major asset acquisitions that further bolster the local oil and gas industry.
Notable among these is the recent acquisition of ExxonMobil’s Nigerian assets by Seplat Energy, he said.
He also acknowledged the ministerial consent granted to Renaissance Africa Energy Company Limited, a Nigerian oil and gas consortium, for the acquisition of Shell Petroleum Development Company (SPDC) assets through a Share Sale arrangement.
He added: “These two landmark asset acquisitions represent a major step forward for the oil and gas industry in Nigeria. They align with NAPE’s long-standing advocacy for local content development by transferring ownership to indigenous operators, accelerating capacity-building within the Nigerian oil & gas sector, and revenue generation for national growth.
“These strategic investments and asset sales mark a positive trajectory for Nigeria’s energy sector. They not only demonstrate investor confidence but also reaffirm our collective commitment to positioning oil and gas as a cornerstone for sustainable national growth and energy security.
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