Nigeria has unveiled an incentive package aimed at unlocking the long-delayed Bonga Southwest Aparo Project, a Deepwater project set to attract about $20bn in foreign direct investment into Nigeria’s upstream sector.
The Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, President Bola Ahmed Tinubu’s approval of fiscal incentives will unlock the Final Investment Decision (FID) for the Bonga Southwest Aparo (BSWA) Deepwater project, making it the first Deepwater Production Sharing Contract (PSD) to reach this advanced stage since 2008, thereby unlocking a $20bn in investment.
“For Nigeria, this means jobs for engineers, technicians, and local businesses. It means energy security and renewed investor confidence in Nigeria’s energy reforms. This demonstrates global confidence in Nigeria. This represents sustainable growth. And NNPC Limited stands ready to deliver,” Ojulari, said.
The Chief Corporate Communications Officer of NNPC Limited, Andy Odeh, has described the presidential approval as a key step toward restoring investor confidence in Nigeria’s deepwater petroleum assets, noting that the project is expected to produce about 150,000 barrels of crude oil per day and 140 million standard cubic feet of gas daily, significantly boosting Nigeria’s hydrocarbon output.
The Bonga South-West Aparo project is operated by Shell Nigeria Exploration and Production Company, a subsidiary of Shell plc, in partnership with other international oil companies and the national oil firm.
