NNPC Secures $20bn Approval for Bonga Deepwater Project

The Nigerian National Petroleum Company (NNPC) announced on a recent date that it has secured presidential approval for a $20 billion Final Investment Decision (FID) on the Bonga Southwest Aparo deepwater project. This project, which has been stalled for nearly two decades due to fiscal and commercial uncertainties, is expected to produce 150,000 barrels of crude oil per day and generate 5,000 jobs.

The approval, granted by President Bola Tinubu, aims to resolve long-standing fiscal bottlenecks and attract significant foreign direct investment (FDI) to Nigeria's offshore oil sector. The project is anticipated to attract $20 billion in FDI and marks a significant milestone in Nigeria's efforts to revitalize its deepwater oil production.

NNPC's Group Chief Executive Officer, Bayo Ojulari, emphasized that this development reflects the government's commitment to unlocking strategic investments and enhancing the country's competitiveness in the global energy market.