NNPC and Partners Advance Bonga Project Towards FID

On Monday, the Nigerian National Petroleum Company (NNPC) Limited, along with Shell Nigeria Exploration and Production Company Limited (SNEPCo), Esso Exploration and Production Nigeria (Deepwater) Limited, and Nigerian Agip Exploration Limited (NAE), executed the Addendum to the OML 118 Production Sharing Contract (PSC) and the Addendum to the Dispute Settlement Agreement (DSA). This marks a significant step towards the Final Investment Decision (FID) for the Bonga Southwest/Aparo Project (BSWAp).

The addendum reflects the fiscal and commercial terms approved by the Federal Government, following President Bola Ahmed Tinubu's approval of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026. The BSWAp project is projected to attract investments between $15 billion and $21 billion and achieve peak production of approximately 175,000 barrels per day of oil and 140 million standard cubic feet per day of gas.

Engr Bashir Bayo Ojulari, GCEO of NNPC Ltd, emphasized the importance of these reforms in fostering a competitive investment environment in Nigeria's energy sector.