₦airaland Forum

Shell invests in Bonga North deep-water project, Nigeria

London − Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell plc, has announced a final investment decision (FID) on Bonga North, a deep-water project off the coast of Nigeria.

Bonga North will be a subsea tie-back to the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility which Shell operates with a 55% interest.

The Bonga North project involves drilling, completing, and starting up 16 wells (8 production and 8 water injection wells), modifications to the existing Bonga Main FPSO and the installation of new subsea hardware tied back to the FPSO.

The project will sustain oil and gas production at the Bonga facility. Bonga North currently has an estimated recoverable resource volume of more than 300 million barrels of oil equivalent (boe) and will reach a peak production of 110,000 barrels of oil a day, with first oil anticipated by the end of the decade.

“This is another significant investment, which will help us to maintain stable liquids production from our advantaged Upstream portfolio,” said Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director.

Bonga North will help ensure Shell’s leading Integrated Gas and Upstream business continues to drive cash generation into the next decade.

Notes to editors:

SNEPCo (55%) operates the Bonga field in partnership with Esso Exploration and Production Nigeria Ltd. (20%), Nigerian Agip Exploration Ltd. (12.5%), and TotalEnergies Exploration and Production Nigeria Ltd. (12.5%), on behalf of the Nigerian National Petroleum Company Limited (NNPC).

Bonga is a deep-water development located in OML 118, at water depths exceeding 1,000 meters. Production at the Bonga FPSO began in 2005, with a capacity to produce 225,000 barrels of oil per day. The project produced its one-billionth barrel of crude oil in 2023.

The Bonga North development holds estimated recoverable resource volumes of more than 300 million barrels of oil equivalent (boe). These volumes are currently classified as 2P (proven and probable) under the Society of Petroleum Engineers’ Petroleum Resources Management System.

The estimated peak production and recoverable resources mentioned above are 100% total gross figures.

The investment in Bonga North is expected to generate an internal rate of return (IRR) in excess of the hurdle rate for Shell’s Upstream business.
Shell’s Upstream business continues to set new benchmarks in performance through near-field opportunities like Bonga North, leveraging technical expertise, strong partnerships, and a model built on simplification and replication.

Shell, Partners to Invest $5 Billion in Nigeria’s Deep-Water Oil

Shell Plc’s subsidiary in Nigeria will begin oil and gas production offshore at the Bonga North floating facility by the end of the decade.

Production should peak at about 110,000 barrels of oil a day, with 300 million barrels of oil equivalent recoverable from the area, Shell said in a statement on Monday. The $5 billion Bonga North project involves drilling, completing and starting up 16 wells.

sslcrypt:
What the hell is bonga North?

Tobokongs:
As long as this will contribute to Nigeria's energy sector and supporting the country's economy, it’s a good news.

Watch as the people who share the same DNA with anîmals will start wailing on this thread too.

Na dem dey cry pass the bereaved.

Any development wey no be from their place dey vex them.

Third-class citizens!!!

nlfpmod:
Shell has decided to invest in the Bonga North project, a deep-water oil and gas development off the coast of Nigeria. This project is expected to produce over 300 million barrels of oil equivalent, with peak production reaching 110,000 barrels of oil per day. The first oil is anticipated by the end of the decade.

The Bonga North project will be connected to Shell's existing Floating Production Storage and Offloading (FPSO) facility, where Shell holds a 55% stake.

This investment aims to sustain oil and gas production at Bonga, contributing to Nigeria's energy sector and supporting the country's economy.




https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2024/shell-invests-in-bonga-north-deep-water-project-nigeria.html




https://www.bloomberg.com/news/articles/2024-12-16/shell-partners-to-invest-5-billion-in-nigeria-s-deep-water-oil?utm_source=twitter&utm_campaign=socialflow-organic&utm_medium=social&cmpid%3D=socialflow-twitter-africa&utm_content=africa

Chetas81:
with all this, Nigeria still remain oil rich poor country,simply because the fraudulent mentality won't allow the Nigerian citizens to build the great nation like saudi and Qatar, ordinary 24 hours electricity we cannot achieve it after 64 years of independent🐊🐊🐊🐊🦖🦖🦖

INTEGRITYA1:
That’s beautiful

Hotspurs:
thought i saw ebanga

MadPolitician:
Is not about time to chase SHELL out of Nigeria? When is this company going to be held accountable for not just bankrolling the civil war, but actively bribing government officials and getting neck deep in oil bunkering? Shell should be chased away from Nigeria. That company makes more money from Nigerias oil than Nigeria herself.

aieromon:
360°

Even though they are selling off their onshore assets, the opportunities in the offshore sector are too juicy to resist.

https://www.nairaland.com/7971565/shell-sell-nigeria-onshore-oil

aieromon:
https://www.offshore-technology.com/projects/bonga/?cf-view&cf-closed