NNPCL and Partners Target $21bn for Bonga Project

The Nigerian National Petroleum Company Limited (NNPCL), alongside 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 the Addendum to the Oil Mining Lease (OML 118) Production Sharing Contract (PSC) and the Addendum to the Dispute Settlement Agreement (DSA). This milestone advances the Bonga Southwest/Aparo project (BWSAp) towards Final Investment Decision (FID).

The agreements reflect the fiscal and commercial terms approved by the federal government, supporting the project’s development. President Bola Ahmed Tinubu's approval of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, is crucial for enhancing Nigeria's deepwater sector.

The BWSAp project is projected to attract between $15 billion and $21 billion in investments, with peak production estimated at 175,000 barrels of oil per day and 140 million standard cubic feet of gas per day. Bayo Ojulari, Group Chief Executive Officer of NNPCL, emphasized the project’s role in demonstrating Nigeria's competitive fiscal framework for sustainable energy investments.