News
President Tinubu Smiles As Shell and Partners Invest $5bn in Nigeria’s DeepWater
The Bonga North FID dispels the misconceptions about International Oil Companies leaving Nigeria
President Bola Ahmed Tinubu welcomes Shell and its partners’ announcement today of the Final Investment Decision (FID) on the Bonga North Deep Offshore Field.
Also, barring any last-minute changes, President Bola Tinubu will today preside over what is expected to be the final Federal Executive Council meeting for 2024, ahead of his budget presentation at the National Assembly on Tuesday. Bayo Onanuga, the Special Adviser to the President, (Information & Strategy), said this morning in a State House press release.
It reads: ” This landmark development, Nigeria’s first deepwater oil project in over a decade, underscores the transformative impact of the President’s policies and reforms in attracting investments in the oil and gas sector.
The Bonga North oilfield, located 130 kilometres offshore in Oil Mining Lease (OML) 118, represents an impressive estimated $5 billion investment and is expected to yield approximately 350 million barrels of crude oil.
Shell holds the largest operational interest, with 55%. Its other partners are the Nigerian National Petroleum Corporation (NNPC), ExxonMobil, TotalEnergies, and Eni.
The FID signals renewed confidence in Nigeria’s energy sector and demonstrates the effectiveness of the Tinubu administration’s strategic focus on engendering a robust and competitive investment climate.
President Tinubu remarked: “The Renewed Hope Agenda fundamentally focuses on attracting investments to transform the Nigerian economy and deliver prosperity to our people.
We designed our policies and reforms from the start of my administration to achieve this goal. Shell and its partners’ decision to invest in Bonga North affirms the success of our efforts. We will continue to offer the necessary support to ensure their success and the realisation of Nigeria’s energy potential.
“President Tinubu’s strategic engagement with global energy stakeholders has been instrumental in this renewed wave of investments.
In July 2023, at the first of several high-level meetings with Shell’s global leadership, President Tinubu declared, “We are open for business and serious about creating a stable, predictable, and investor-friendly environment.
” Presidential Directives issued in early 2024 reinforced this commitment by fast-tracking regulatory approvals, reducing operational costs, and introducing competitive fiscal incentives.
The Bonga North project is the second of the blueprint projects President Bola Ahmed Tinubu selected to drive the implementation of the transformative Presidential Directives 40, 41, and 42 issued in the first quarter of 2024.
These directives, aimed at enhancing regulatory clarity, accelerating project timelines, and incentivising investment in Nigeria’s energy sector, have yielded remarkable results.
Earlier this year, the Ubeta oilfield (OML 58), the first blueprint project under this initiative, achieved a Final Investment Decision (FID) through a partnership between TotalEnergies and NNPC Limited.
Dormant since its discovery in 1965, the Ubeta project will produce 350 million standard cubic feet of gas per day, bolstering domestic supply and expanding Nigeria’s presence in the global energy market.
With both blueprint projects now achieving FID, the success of these initiatives underscores the effectiveness of the President’s strategic vision for Nigeria’s energy future.
Ms Olu Arowolo Verheijen, Special Adviser to the President on Energy, commented on the Bonga North milestone:
“The Bonga North FID dispels the misconceptions about International Oil Companies leaving Nigeria.
Instead, we are witnessing a strategic pivot of IOCs-powered capital and technical capacity to deepwater and integrated gas projects, which align with President Tinubu’s vision of transforming Nigeria into a global energy hub.
The divestments from onshore operations create opportunities for local oil and gas companies to expand and thrive, building a strong foundation for Nigeria’s energy future.
” Ms Verheijen further noted: “The success of Bonga North and Ubeta demonstrates the efficacy of the reforms and directives championed by the President.
These projects will trigger broader investments to revolutionise Nigeria’s power generation, transportation, and manufacturing sectors.
As we look ahead to 2025, we anticipate further FIDs from international and domestic players, marking a new era of growth and opportunity for Nigeria.
” The Tinubu administration remains steadfast in positioning Nigeria as a global leader in energy innovation and investment, ensuring that these efforts translate into tangible benefits for all Nigerians.
News
South African kills Nigerian bar worker
Olaleye was allegedly shot by a South African national following an argument over whether a drinking glass should be taken outside the bar.
• South African police
The Nigerian Union in South Africa (NUSA) says Olatunde Olaleye, a 40-year-old father of two, has been shot dead in the country.
According to NAN, NUSA said Olaleye, an indigene of Ikere-Ekiti, was killed on September 21 while working at Spanata Bar and Grills in Mamelodi, Pretoria.
Smart Nwobi, NUSA president-general, in a statement on Thursday, said Olaleye was a husband and father of two children, adding that his death has left his family devastated.
He said the union is concerned by reports that Olaleye was allegedly shot by a South African national following an argument over whether a drinking glass should be taken outside the bar.
According to him, there were also reports that the suspect returned to the premises to threaten the bar’s management, with a promise that members of his crew would return.
Nwobi called for a thorough, transparent and impartial investigation into the circumstances surrounding the incident.
“We cannot continue to lose Nigerians under circumstances that leave families devastated and communities traumatised,” he said.
News
Nigerian Editors Brace for Democracy Protection Ahead of 2027 Elections
“As editors, we must remain above board in an increasingly polarised environment. We must not become agents of disorder. Neither should we display contradictory tendencies that cause the citizenry to question our credibility,” Anaba said.
Enugu|•L-R Prof Pat Utomi; Prof Chinyere Okunna and Eze Anaba President Nigerian Guild of Editors at the 22nd All Nigerian Editors Conference in Enugu. Photo. Nwankpa Chijioke
Nigerian editors have been urged to protect the credibility of the ballot and help safeguard democracy as the country prepares for the 2027 general elections.
The call was made by Eze Anaba, President of the Nigerian Guild of Editors (NGE) and Editor of Vanguard Newspaper, in his welcome address at the 22nd Annual All Nigerian Editors Conference, which opened today in Enugu.
The conference is themed, “The Ballot, the Media and the Task of Keeping Democracy Alive.”
Anaba said the media, alongside other critical institutions, had a responsibility to nurture democracy by ensuring that voters were adequately informed and that electoral outcomes reflected the choices of the people.
According to him, the ballot can only fulfil its democratic purpose when voters have access to credible information and are able to make their choices freely, without intimidation or undue influence.
He urged editors and journalists to uphold verification, independence, accuracy, fairness, accountability and courage, particularly in an era of social media, artificial intelligence, deepfakes and the rapid spread of misinformation.
“As editors, we must remain above board in an increasingly polarised environment. We must not become agents of disorder. Neither should we display contradictory tendencies that cause the citizenry to question our credibility,” Anaba said.
He stressed that the media’s overarching responsibility was to serve the public good and help ensure that government derived its legitimacy from the consent of the people.
News
Works Minister Orders Tinubu’s Pictures On First Niger Bridge
“The President has worked so hard and we need to reward his hard work by decorating this bridge with his pictures.”
Minister of Works, David Umahi, has ordered the removal of illegal advertisements from the rehabilitated First Niger Bridge and their replacement with pictures of President Bola Tinubu, saying the display would recognise the President’s work on infrastructure.
Umahi gave the directive during an inspection of ongoing rehabilitation works on the bridge linking Anambra and Delta states.
He said the bridge was expected to reopen to motorists next week, subject to the completion of critical structural work.
“Once we are done with work on this bridge, I want all the illegal adverts on this bridge removed. Anyone who wants to advertise should apply to the Ministry of Works. For now, the bridge will be decorated with the pictures of President Tinubu,” Umahi said.
“The President has worked so hard and we need to reward his hard work by decorating this bridge with his pictures.”
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