Politics
Lokpobiri Reaffirms Commitment To Massive Investments Under Tinubu’s Administration
Lokpobiri Reaffirms Commitment To Massive Investments Under Tinubu’s AdministrationThe Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has highlighted the Bonga North project as a testament to his commitment to securing substantial investments under President Bola Tinubu’s administration. Lokpobiri noted that the $5 billion investment by Shell and its partners in Nigeria’s deepwater sector is a significant step toward boosting the nation’s oil production.....KINDLY READ THE FULL STORY HERE▶
In a statement issued on Monday, Senator Lokpobiri explained that the Bonga North project, situated off Nigeria’s coast, would add 110,000 barrels per day to the country’s production capacity. He emphasized that this development is a fulfillment of his repeated assurances to Nigerians about attracting major investments running into billions of dollars.
He said, “I have consistently assured Nigerians that we would witness significant investment decisions by major companies. I am pleased to share that we are making considerable progress toward fulfilling that promise.”
Lokpobiri pointed out that Shell Nigeria Exploration and Production Company (SNEPCo), a subsidiary of Shell plc, made the Final Investment Decision (FID) for the Bonga North project last year. This deep-water development will be connected to the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility, where Shell holds a 55% stake. The project underscores the growing investor confidence in Nigeria’s economic potential and supports the government’s plan to increase oil production.
The minister also praised President Tinubu’s leadership in creating an environment conducive to investment, which has played a key role in enabling such large-scale projects. He reassured Shell and its partners of his ministry’s full support in ensuring the project’s success.
“This achievement is a direct result of the leadership and support from President Bola Ahmed Tinubu, who has worked tirelessly to create an enabling environment for investments to flourish. I assure SNEPCo and all involved parties of our continued commitment to the success of this project,” Lokpobiri stated.
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