AfrOil: Shell allots $5bn to Bonga North

Shell (UK) has pledged to invest $5bn in the Bonga North deepwater project offshore Nigeria.

At a meeting with Nigerian President Ahmed Bola Tinubu on December 7, Shell’s Global Integrated Gas and Upstream director Zoe Yujnovich expressed the company’s commitment to sustaining its legacy of onshore investments in the West African state while strategically pivoting towards new opportunities in the burgeoning natural gas sector.

The Bonga North project, situated in deep waters off Nigeria’s shores, represents a strategic move by Shell to tap into the West African country’s rich energy resources. It is estimated that the project, part of OML 118, will yield 120,000 barrels per day (bpd) of oil at its peak.

During her meeting with Tinubu, Yujnovich expressed eagerness to swiftly proceed with work at Bonga North, stating that Shell wants to keep investing in Nigeria. “I am really keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria,” she said.