The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, stated yesterday that an additional 110,000 barrels per day (bpd) from Shell Plc will increase Nigeria’s economic value.
He welcomed Shell PLC’s announcement to proceed with the Final Investment Decision (FID) on the Bonga North deep-water project.
The project, located off Nigeria’s coast, is expected to sustain production at the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility, with recoverable resources estimated at over 300 million barrels of oil equivalent (boe).
Reacting to the development, Senator Lokpobiri said, “This project is expected to add 110,000 barrels per day to Nigeria’s production capacity, creating significant economic value for the nation.”
This statement was contained in a press release from his special adviser on media, Nneamaka Okafor, issued from Abuja.
This announcement by Shell is a clear indication that our policies are working. It underscores the confidence investors have in the reforms and enabling environment being fostered under President Bola Ahmed Tinubu’s administration,” he said.
“This is just one of many investments we are expecting. The federal government remains steadfast in addressing investor concerns, improving regulatory frameworks, and ensuring that the oil and gas sector continues to attract global players. Our goal is to use such investments to drive economic growth, create jobs, and improve the standard of living for Nigerians,” the minister added.
Copyright © 2020 Totorinews.com All rights reserved. The information contained in Totorinews.com may not be published, broadcast, rewritten, or redistributed without giving due credit to Totorinews.com as the source.
