The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.

Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.

The Nigerian Maritime Administration and Safety Agency (NIMASA) has reviewed and approved the minimum wage document for Nigerian Seafarers, in line with the provisions of the Maritime Labour Convention (MLC) 2006 of the International Maritime Organisation (IMO).
The document, which is for 2023-2025, is a product of a Collective Bargaining Agreement that involved employers of labour in the maritime sector, the leadership of the Maritime Workers Union of Nigeria (MWUN), NIMASA and other stakeholders in the industry.
Speaking at a stakeholders interactive session in Lagos, NIMASA’s Director General, Dr. Dayo Mobereola, stressed the importance of this revised document in enhancing the working conditions of seafarers.
According to him, “The revised standard provides a comprehensive framework outlining the terms and conditions of employment for maritime workers, including wages, working hours, health and safety regulations, and other benefits.
“This reflects the collective expertise and input of stakeholders and our shared commitment to continuous improvement. This effort will contribute to sustaining an equitable and prosperous maritime labour industry”.
Mobereola emphasised the need for collaboration and swift action in finalisiing the Collective Bargaining Agreement among Ship Owners, Nigerian Trawlers Operators, Nigerian Merchant Navy Officers and Water Transport Senior Staff Association (NMNO/WTSSA), and MWUN on the renewed minimum standards for the Nigerian seafarers, to prevent payment backlogs and ensure timely compensation for employees.

Similarly, Chairman of the National Seafarers Welfare Board, Alhaji Tijani Ramalan, who launched the document, emphasized the need to adhere to the provisions of the Maritime Labour Convention (MLC) 2006, stating that it will not only foster industrial harmony, but also guarantee better working conditions for Nigerian Seafarers.