Tinubu reacts as Shell, partners secure $5bn Nigerian deepwater investment

President Bola Ahmed Tinubu has lauded the feat by Shell and its partners in securing Nigeria's first deepwater project in over a decade, worth $5 billion. Bayo Onanuga, a presidential spokesperson, disclosed this in a statement on Monday. This comes as Shell recently announced its Final Investment Decision, FID on the Bonga North Deep Offshore Field, expected to yield approximately 350 million barrels of crude oil.

Earlier this year, the Ubeta oilfield , the first blueprint project under this initiative, achieved a Final Investment Decision through a partnership between TotalEnergies and NNPC Limited. Dormant since its discovery in 1965, the Ubeta project will produce 350 million standard cubic feet of gas per day, bolstering domestic supply and expanding Nigeria's presence in the global energy market', according to a statement from Tinubu’s spokesperson, Onanuga.

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Tinubu celebrates Shell, partners’ $5 billion deepwater investment'President Tinubu's strategic engagement with global energy stakeholders has been instrumental in this renewed wave of investments,' a statement said.
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