Shell Nigeria Exploration and Production Company Ltd (SNEPCo), a division of Shell PLC, is currently working on the $5 billion Bonga North Development project. Shell has made a Final Investment Decision (FID) for the Bonga North, according to Daily Trust. According to Shell, the region can recover 300 million barrels of oil equivalent, and production will peak at around 110,000 barrels per day. Shell anticipates the first oil by the “end of the decade.Shell revealed Wednesday that the project, the first deep-water undertaking since 2013, is currently underway. During his visit to Shell’s exhibit booth at the 31st Nigerian Economic Summit (NES) inauguration in Abuja yesterday, Vice President Kashim Shettima praised the company’s investments in Nigeria. The display accompanies the participation of Shell at the summit and features the operations of Shell Nigeria Exploration and Production Company Ltd (SNEPCo), Shell Nigeria Gas (SNG), All On and Daystar Power. Vice President Shettima, who had previously announced the opening of the summit on behalf of President Bola Ahmed Tinubu, received an update on the companies’ contributions to Nigeria’s economic growth, particularly in the energy sectorVice President Shettima expressed his admiration for Shell’s deepwater investments, including the $5 billion Bonga North development, while accompanied by Wale Edun, Minister of Finance and Coordinating Minister of the Economy; Jumoke Oduwole, Minister of Trade and Investment; and Sanusi Lamido Sanusi, Emir of Kano. Gladys Afam-Anadu, Shell Nigeria’s communications manager, claimed in a statement that “the project is under way after the FID which was taken early last year.” The statement claims that Chidi Nkazi, the Business Value Manager who led the VIPs around the exhibit stand, also emphasized the effects of Shell’s social efforts in employment creation, education, and healthRevenues from our businesses are utilized to fund development every year,” Chidi stated, adding that Shell Companies in Nigeria paid the Federal Government $1.209 billion in taxes and royalties in 2024 alone.
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