President Tinubu Approves Incentives for Shell's $5bn Bonga South West Oil Project

President Bola Tinubu has approved incentives to support Shell's $5 billion Bonga South West deep offshore oil project in Nigeria. The project, located offshore with water depths exceeding 1,000 meters, has faced delays due to fiscal disagreements.

The approval aims to unlock incentives to attract new capital and increase oil production capacity. Shell, in a joint venture partnership, plans to produce 150,000 barrels of oil per day.

The move is part of efforts to enhance Nigeria's investment climate and boost the oil and gas sector.