NNPCL and Partners Sign $21bn Bonga Project Addenda

On Monday, the Nigerian National Petroleum Company Limited (NNPCL) and its contractor parties—Shell Nigeria Exploration and Production Company Limited (SNEPCo), Esso Exploration and Production Nigeria (Deepwater) Limited, and Nigerian Agip Exploration Limited (NAE)—executed addenda to the Oil Mining Lease (OML 118) Production Sharing Contract (PSC) and the Dispute Settlement Agreement (DSA) for the Bonga South-West Aparo project. This development is a crucial milestone towards the Final Investment Decision (FID) for the project, which is projected to attract between $15 billion and $21 billion in investments and achieve peak production of approximately 175 kbopd of oil and 140 mmscfd of gas.

The execution of these agreements follows the approval of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, by President Bola Ahmed Tinubu, aimed at enhancing Nigeria's deepwater sector competitiveness. Bayo Ojulari, Group Chief Executive Officer of NNPCL, stated that the agreements reflect the effectiveness of the government's reforms in facilitating investment in the energy sector.