…Project to unlock 350 mil barrels of oil equivalent reserves
…Partners include NNPC, ExxonMobil, Shell, TotalEnergies, Eni
…Shell had said previously that the Bonga North development would commence this year and would involve the drilling of over 40 subsea wells
MON OCT 21 2024-theGBJournal| Nigeria and its foreign oil partners, including Shell, are set to take a final investment decision (FID) on the Bonga North offshore oil project before the end of 2024.
”Efforts by the government to provide a conducive environment for investors had set the stage for the partners’ “recent approval for investment in the Bonga North Offshore project before year end” Lokpobiri said in a statement in Sunday seen by S&P Global Insight.
Lokpobiri said he recently held talks with Nicolas Terraz, the president of TotalEnergies EP Nigeria, in Abuja.
The project is expected to unlock about 350 million barrels of oil equivalent of Nigerian oil reserves and extend the life of the Shell-operated Bonga floating production, storage and offloading vessel for an additional 15 years.
Shell had said previously that the Bonga North development would commence this year and would involve the drilling of over 40 subsea wells.
Bonga is Nigeria’s first deepwater oil field, with the capacity to produce 225,000 b/d of crude oil and 150 MMcf/d of gas.
The company could not immediately be reached for comment.
The Bonga expansion plan, along with the Bonga Southwest, is key to the UK energy company’s 10-year operating strategy in the country, with a peak target of 370,000 b/d of oil from Shell’s Nigerian deepwater assets by 2032.
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