The Democratic Front (TDF) has hailed Shell’s $5 billion Final Investment Decision (FID) on the Bonga North Deep Offshore field as a testament to the investment-friendly environment fostered by the Tinubu administration.
In a statement signed by Chairman Mallam Danjuma Muhammad and Secretary Chief Wale Adedayo, the group emphasized that this decision underscores the continued attractiveness of Nigeria for International Oil Companies (IOCs).
“We join President Bola Tinubu in celebrating Shell’s FID on the Bonga North Offshore Field,” the statement reads. “This investment is a direct result of the President’s reforms, including Presidential Directives 40, 41, and 42, which have streamlined regulatory approvals, reduced operational costs, and promoted competitive fiscal incentives in the oil and gas sector.”
The TDF highlighted that the significance of this investment extends beyond its $5 billion value, noting the field’s potential to produce 350 million barrels of crude oil. “This development will boost the nation’s oil output and revenue, reinforcing Nigeria’s position as Africa’s largest oil producer.”
The group also addressed misconceptions about IOCs leaving Nigeria, pointing out that many are making strategic investments in response to the administration’s incentives.
It says, “Earlier this year, the Ubeta upstream gas field (OML 58) attracted a $500 million investment from TotalEnergies, driven by President Tinubu’s fiscal policies.”
The Ubeta field is expected to produce 350 million standard cubic feet of gas per day, enhancing Nigeria’s profile as a major gas producer.
TDF stated: “This remarkable economic achievement is a direct result of President Tinubu’s reforms.”
Since its discovery in 1996, the Bonga deepwater field (OML 118) has not seen an investment as substantial as Shell’s $5 billion, which TDF attributes to the President’s pro-business governance. “This extraordinary confidence in Nigeria’s investment ecosystem confirms the success of current reforms in eliminating business risks.”
TDF expressed confidence that more IOCs will take advantage of the fiscal incentives introduced by the Tinubu administration to invest in Nigeria’s oil and gas sector.
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