NNPC Ltd Targets $21 Billion from Bonga Project
The Nigerian National Petroleum Company Limited (NNPC Ltd) and the OML 118 Contractor Parties, including Shell Nigeria Exploration and Production Company Limited (SNEPCo), Esso Exploration and Production Nigeria (Deepwater) Limited, and Nigerian Agip Exploration Limited (NAE), have executed an addendum to the OML 118 Production Sharing Contract (PSC). This was announced by NNPC Ltd's Chief Corporate Communications Officer, Andy Odeh.
The agreement also includes an addendum to the Dispute Settlement Agreement (DSA), marking a significant milestone for the Bonga South-West Aparo project (BWSAp) as it moves towards Final Investment Decision (FID). The project is expected to attract investments between $15 billion and $21 billion and achieve peak production of approximately 175,000 barrels of oil per day (kbopd) and 140 million standard cubic feet per day (mmscfd) of gas.
Engr. Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Ltd, stated that this execution reflects the effectiveness of President Tinubu’s reforms in fostering investment in Nigeria's energy sector.
Plus234Feed summary based on reporting from Daily Trust. Read the original report below.
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