The Democratic Front (TDF) has said that the announcement of a $5 billion final Investment Decision (FID) by Shell on the Bonga North Deep Offshore field is yet another proof of the investment-friendly mindset of the Tinubu administration.<\/p>\n
In a statement signed by its Chairman, Mallam Danjuma Muhammad and Secretary Chief Wale Adedayo, the group noted that it showed that International Oil Companies (IOCs) still found Nigeria attractive for investment.<\/p>\n
The statement read in part: ” We join President Bola Tinubu in celebrating the Final Investment Decision (FID) by Shell on Bonga North Offshore Field.<\/p>\n
“It is a thing of pride for us that the investment is the outcome of reforms introduced by the President through the Presidential Directives numbers 40, 41, and 42 to fast-track regulatory approvals, reduce operational costs, and promote competitive fiscal incentives in the oil and gas sector.<\/p>\n
“We have a conviction that the pertinence of the fresh investment in the sector and indeed the larger Nigeria economy is not only limited to the $5 billion value of the investment but also extends to the field’s potential volume of 350 million barrels of crude oil.<\/p>\n
“It is a development that is bound to further raise the nation’s oil output and revenue as well as bolster its position as Africa’s largest oil producer.<\/p>\n
“Like the President, we are elated about Shell’s $5bn deep water investment especially as it came at a time of misconceptions about IOCs leaving Nigeria when indeed many of them are making strategic investment decisions in response to the administration’s incentives.<\/p>\n
“We recall that earlier this year, the Ubeta upstream gas field known as OML 58, attracted a $500 million investment from TotalEnergies on account of President Tinubu’s fiscal incentives to drive foreign direct investments into the newly transformed oil and gas sector.<\/p>\n
“The Ubeta upstream field is estimated to produce 350 million standard cubic feet of gas per day when operational and will go a long way to raise the country’s profile as a major gas producer. This remarkable economic feat was unarguably achieved under the economic reform of President Bola Tinubu.<\/p>\n
“It is instructive that since its discovery in 1996, the Bonga deepwater field, located in OML 118, at water depth exceeding 1000 meters, has not witnessed such a humongous investment as the $5 billion coming from Shell and this is an attestation of President Tinubu’s pro-business approach to governance.<\/p>\n
“Furthermore, this extraordinary display of confidence in Nigeria’s investment ecosystem is a confirmation of the success of the current reforms in eliminating investment encumbrances and the risks of doing business in Nigeria.”<\/p>\n
TDF is confident that more IOCs will key into the fiscal incentives introduced by the Tinubu administration to make fresh investments in Nigeria’s oil and gas sector.<\/p>\n","protected":false},"excerpt":{"rendered":"
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