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Shell Makes First Nigerian Deep-Water Project Investment in Decade

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Shell Bonga North

By Adedapo Adesanya

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

This will be the first of such investments in over a decade.

According to a statement on Monday, 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 per cent interest.

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.

This means Shell will operate the majority (55 per cent) in the Bonga field in partnership with Esso Exploration and Production Nigeria Ltd. (20 per cent), Nigerian Agip Exploration Ltd. (12.5 per cent), and TotalEnergies Exploration and Production Nigeria Ltd. (12.5 per cent), on behalf of the Nigerian National Petroleum Company (NNPC) Limited.

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 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,” the oil major said.

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 the first oil anticipated by 2030.

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

President Bola Tinubu has welcomed the move saying it underscores the transformative impact of his administration’s policies and reforms in attracting investments in the oil and gas sector.

“This FID on Bonga North, and the FID on Ubeta earlier in 2024 both demonstrate the efficacy of the oil and gas reforms and directives championed by the President.

“These projects will trigger broader investments to revolutionise Nigeria’s power generation, transportation, and manufacturing sectors. In 2025 we anticipate further FIDs from international and domestic players. A new era of growth and opportunity for Nigeria,” according to a statement by the Special Adviser to the President on Energy, Ms Olu Verheijen.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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EFCC Grabs Three Suspects Behind Q-net Scam in Nigeria

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Q-net scam Nigeria

By Modupe Gbadeyanka

Three persons believed to be behind the Q-Net scam in Nigeria have been apprehended by the Economic and Financial Crimes Commission (EFCC).

The suspects, who allegedly operated the scheme under the name Mighty Infinity Millionaire Limited, were arrested by officials of the agency on Wednesday, May 1, 2025, in Abuja.

They are Olaniyan Joshua, Oyetunde Julius Akano, and Victor Oluwale, and are currently undergoing interrogation.

A statement from the EFCC said the accused persons falsely claimed to be representatives of Q-net, a global e-commerce and direct selling company.

While Q-net has since denied any link with the suspects and their activities, investigations further revealed they were equally running a fraudulent university training in pavilions and under trees, offering fake Bachelor of Science degrees in Medicine, Nursing, Cybersecurity, Computer Studies, and Geology, among others with a false claim of affiliation with Quest International University, Malaysia.

Student victims were charged between N1.2 million and N1.3 million as registration fees from which the suspected scammers raked in hundreds of millions in proceeds of crime.

Earlier on March 24, 2025, the commission raided Q-net University at Compensation Layout, Gwagwalada, FCT, Abuja, and arrested 133 suspects.

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Facebook May Leave Nigeria Over $220m FCCPC Fine, Others

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Facebook Nigerian Advertisers

By Modupe Gbadeyanka

Nigerians may lose access to the social media platforms operated by Meta, a report by the BBC has said.

If this happens, it will not be the first time social media users in the country have experienced such blackout.

Recall that in 2021, the Nigerian government banned Twitter after the platform removed a post by the immediate past president of the country, Mr Muhammadu Buhari, for violating its rules.

The embargo was lifted in January 2022 after seven months.

Last week, Nigeria’s Competition and Consumer Protection Tribunal on Friday ordered WhatsApp and Meta Platforms Incorporated to pay a $220 million penalty and $35,000 to the Federal Competition and Consumer Protection Commission (FCCPC) within 60 days over data discrimination practices in Nigeria.

The tribunal’s three-member panel, led by Mr Thomas Okosun, in a verdict last Friday, dismissed the appeal by WhatsApp and Meta Platforms Incorporated regarding the $220 million penalty imposed by the FCCPC for alleged discriminatory practices in Nigeria.

In a report, the BBC said Meta argued that if it is forced to pay the fine, its users in Nigeria may lose access to Facebook and Instagram.

“The applicant may be forced to effectively shut down the Facebook and Instagram services in Nigeria in order to mitigate the risk of enforcement measures,” the company said in the court papers.

If this happens, it may greatly affect content creators, who rely on the platform for earnings.

Facebook remains one of the most popular social media platforms in the country like TikTok and Twitter, now known as X after Mr Elon Musk acquired it.

Meta is battling with different fines in Nigeria, including a $32.8 million sanction from the Nigerian Data Protection Commission (NDPC) alleged Meta over data privacy laws, and a $37.5 million fine for unapproved advertising.

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Workers’ Day: NLC Decries Deteriorating Standard of Living of Nigerian Workers

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NLC protests in Abuja

By Adedapo Adesanya

The Nigeria Labour Congress (NLC) has outlined demands to the federal government while expressing deep concerns over the deteriorating economic conditions of workers as the world marks the International Workers’ Day (May 1).

NLC President, Mr Joe Ajaero, said Nigerian workers are groaning because of poor pay as a result of the economic policies of President Bola Tinubu as well as growing insecurity and political interference in labour affairs across the country.

Mr Ajaero described the current state of the Nigerian economy as hostile to workers, noting that the removal of fuel subsidy, Naira devaluation and rising inflation have plunged millions of households into deeper poverty.

He maintained that the current economic trajectory has eroded the value of wages, rendering workers helpless and unable to meet basic needs.

“It is clear that the policies of the government, particularly the ill-timed and unstructured removal of fuel subsidies and the floating of the Naira, have pushed Nigerian workers and their families to the brink,” he said.

The NLC president reiterated the labour union’s position on the new minimum wage, stating that N70, 000 is the barest minimum that workers can accept under the current economic conditions. He argued that the amount, though still insufficient considering the skyrocketing cost of living, could serve as a starting point for negotiation.

He lamented the increasing hunger facing workers in the country, “We are hungry,” he said, adding that, “The minimum wage cannot buy a bag of rice. If you are sincere and you go to work every day, 20 days, your salary is gone on transportation.

“We are not asking for luxury. We are simply demanding a wage that allows a worker to live a dignified life, pay rent, feed their families, send their children to school, and transport themselves to work.”

He said that even this figure would need to be adjusted periodically to keep pace with inflation and market forces.

“If the government can effectively implement some of the measures they have put in place -such as the N70, 000 minimum wage, the CNG transport system, and the students’ loan- then one can say that the renewed hope idea is working. I think the foundation has been laid, but we need the real implementation of these,” he stated.

On energy and transport, he criticised the government’s failure to deliver on the promised palliatives to cushion the effect of subsidy removal. He cited the delay in rolling out Compressed Natural Gas (CNG) infrastructure and vehicles, which was supposed to provide affordable alternatives to petrol-powered transportation.

“They promised us CNG buses. Where are they? They promised wage awards. Many states have not implemented anything. The promises made last year have remained largely on paper,” he said.

He called on the Federal Government to accelerate the implementation of energy reforms, especially in the transportation sector, to alleviate the burden on workers who spend a significant portion of their income on transportation.

Mr Ajaero also raised concerns over the inconsistencies in salary payments and implementation of wage awards across various states and federal agencies.

He noted that many state governments have either failed to implement the approved wage increases or are paying workers below the agreed minimum wage, thereby violating labour agreements.

He pointed out that the disparities in the federal and state public service salary structures were unacceptable and called for immediate harmonisation, including a review of salary step progression and grade levels to ensure equity.

The NLC president further urged the government to reform the country’s tax regime, which he said unfairly targets the poor while allowing multinational corporations and political elite to evade taxes.

“It is only in Nigeria that someone earning N50, 000 a month is taxed heavily while the real billionaires are not paying their fair share. This system must change,” he said.

Additionally, the labour leader condemned the growing state of insecurity in many parts of the country, which he said not only affects productivity but, also, endangers the lives of workers, especially those in rural communities and high-risk professions.

He also criticised the decay in the health and education sectors, lamenting that many workers can no longer afford basic healthcare or quality education for their children. Turning to internal challenges within the labour movement, he decried the increasing political interference in union activities, particularly in Rivers and Edo states.

He accused state governors of undermining the autonomy of the trade unions, suppressing workers’ voices, and in some cases, promoting parallel union leadership to create division.

“In Rivers State, we are witnessing a complete breakdown of labour-government relations. Retirees are not being paid, union meetings are disrupted, and workers’ rights are trampled upon. In Edo, we are dealing with a crisis of leadership instigated by the state government,” he alleged.

He urged the federal government to call erring state governors to order and protect the rights of workers as enshrined in the Constitution to prevent the escalation of events in those states. He further stated the status of no May Day celebrations in the states still stands. He challenged the government to prioritise social services in its spending plans and cut waste in governance.

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