Nigeria earns N 900 bn from Bonga Oil Field

Dec 02, 2009 01:00 AM

The Managing Director of Shell Nigerian Exploration and Production Company, (SNEPCo), Mr Chike Onyejekwe has disclosed that Nigeria earned over N 900 bn from Bonga oil field in the last four years.
Onyejekwe, who stated this in Abuja at the on going NAPE international conference, said the company is determined to boost operations from its various projects in the country, including the Bonga oil field. He further revealed that the mega project has added 600,000 barrels of production per day to the country's output, with expectations to improve on this as more phases come on stream.

Commenting on the much awaited Petroleum Industry Bill (PIB) before the National Assembly, he said the PIB must find a fair balance to allow the government to extract value during good times and ensure continued investment during tougher times.
Assessing the deep water development in Nigeria, Onyejekwe whose company is behind the 225, 000 bpd capacity Bonga deep water project, stated that venturing into deep water is still fraught with uncertainties.

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