Nigeria remains oil, gas investment destination – TDF
The Democratic Front has pointed to Shell's $5 billion Final Investment Decision for the Bonga North Deep Offshore field as evidence of the Tinubu administration's investment-friendly policies, emphasising its commitment to driving growth in Nigeria's energy sector.On Thursday, the Chairman, Mallam Danjuma Muhammad, and Secretary, Chief Wale Adedayo, issued a statement confirming this.
According to the group, the investment demonstrates International Oil Companies' confidence in Nigeria as a favourable investment destination.
"We join President Bola Tinubu in celebrating Shell's Final Investment Decision (FID) for the Bonga North Offshore Field.
"It is a thing of pride for us that the investment is the outcome of reforms introduced by the President through the Presidential Directives numbers 40, 41, and 42 to fast-track regulatory approvals, reduce operational costs, and promote competitive fiscal incentives in the oil and gas sector," a portion of the statement read.
The group emphasised that strategic investments, such as Shell's $5 billion in Bonga North and TotalEnergies' $500 million in the Ubeta gas field, are the result of President Tinubu's fiscal incentives, demonstrating the effectiveness of his reforms in attracting foreign direct investment to Nigeria's oil and gas industry.
"When operational, the Ubeta upstream field is expected to produce 350 million standard cubic feet of gas per day, contributing significantly to the country's profile as a major gas producer. President Bola Tinubu's economic reforms were unquestionably responsible for this remarkable economic achievement.
"It is instructive that since its discovery in 1996, the Bonga deepwater field, located in OML 118, at a water depth exceeding 1000 meters, has not seen such a massive investment as the $5 billion coming from Shell, demonstrating President Tinubu's pro-business approach to governance.
"Furthermore, this extraordinary display of confidence in Nigeria's investment ecosystem is a confirmation of the success of the current reforms in eliminating investment encumbrances and the risks of doing business in Nigeria," according to the statement.
Shell Nigeria Exploration and Production Company Limited has approved the final investment decision for the $5 billion Bonga North deep-water project.
The project is expected to generate around 350 million barrels of crude oil, significantly increasing Nigeria's oil production and revenue.
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