Shell Nigeria Exploration and Manufacturing Co. Ltd. (SNEPCo) has reached a ultimate funding resolution (FID) on the Bonga North improvement. The corporate stated in a media launch this deepwater undertaking off the coast of Nigeria might be a subsea tie-back to the Shell-operated Bonga floating storage and offloading (FPSO) facility.
SNEPCo operates the undertaking with a 55 p.c stake. Esso Exploration and Manufacturing Nigeria Ltd. holds 20 p.c, whereas Nigerian Agip Exploration Ltd. and TotalEnergies Exploration and Manufacturing Nigeria Ltd. every maintain 12.5 p.c. Nigerian Nationwide Petroleum Co. Ltd. (NNPC) can be a accomplice within the enterprise.
The Bonga North undertaking entails 16 wells (eight manufacturing and eight water injection wells). The prevailing Bonga Important FPSO might be modified. New subsea {hardware} might be tied again to the FPSO, Shell stated.
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The undertaking goals to take care of oil and fuel output on the Bonga facility. Bonga North is predicted to have a recoverable useful resource quantity exceeding 300 million barrels of oil equal (boe) and is projected to peak at 110,000 barrels of oil per day, with the primary oil anticipated by the tip of 2030.
“That is one other vital funding, which can assist us to take care of secure liquids manufacturing from our advantaged Upstream portfolio”, stated Zoë Yujnovich, Shell’s Built-in Fuel and Upstream Director.
Bonga, a deepwater subject situated in OML 118 and nestled at depths exceeding 1,000 meters (3280 toes), has been pumping crude since 2005, churning out 225,000 barrels per day. In 2023, Bonga celebrated its one-billionth barrel of oil manufacturing, proving that this deep-sea large is much from working dry, Shell famous.
The funding in Bonga North is predicted to generate an inside fee of return above the hurdle fee for Shell’s upstream enterprise, it stated.
Shell stated its upstream sector is setting new efficiency requirements by near-field alternatives like Bonga North by leveraging technical experience and robust partnerships with a deal with simplification and replication.
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