NAPE hails $5b Bonga FID, FG’s energy security plans

The Nigerian Association of Petroleum Explorationists (NAPE) has commended the evolving dynamics in the energy sector, coupled with proactive government policies aimed at attracting investment into the oil and gas industry for national economic growth. It describes the efforts as beginning to yield tangible results.

NAPE noted that its commendation is evidenced by Shell Nigeria Exploration and Production Company Limited (SNEPCo) ‘s recent Final Investment Decision (FID) announcement to invest $5 billion in the Bonga North Deepwater Project.

The Bonga North Project, a subsea tie-back to the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility, will involve drilling, completing, and starting up 8 production wells and 8 water injection wells.

Speaking on the significance of this development, NAPE President, Mr. Johnbosco Uche, emphasised that the project will not only sustain oil and gas production at the Bonga facility but also contribute significantly to Nigeria’s energy security.

“At NAPE, we have consistently advocated for increased, sustainable oil and gas production that positively impacts energy security while supporting the eradication of energy poverty affecting millions of Nigerians. Projects like Bonga North further demonstrate the ability to produce oil and gas with reduced emissions, aligning with global calls for cleaner energy solutions.”

In a similar vein, NAPE commends the Nigerian government for its role in facilitating major asset acquisitions that further bolster the local oil and gas industry. Notable among these is the recent acquisition of ExxonMobil’s Nigerian assets by Seplat Energy.

The association also acknowledges the ministerial consent granted to Renaissance Africa Energy Company Limited, a Nigerian oil and gas consortium, for the acquisition of Shell Petroleum Development Company (SPDC) assets through a Share Sale arrangement.

Mr Uche concluded, “These strategic investments and asset sales mark a positive trajectory for Nigeria’s energy sector. They not only demonstrate investor confidence but also reaffirm our collective commitment to positioning oil and gas as a cornerstone for sustainable national growth and energy security.”