Bonga South-West Aparo Project Moves Toward Investment Decision

The Bonga South-West Aparo (BSWA) project, one of Nigeria's most ambitious deepwater oil initiatives, is advancing towards a Final Investment Decision (FID) after more than two decades of delays and negotiations. The project, which could attract an estimated $15 billion to $21 billion in lifetime investments, has gained momentum following the execution of addenda to the Oil Mining Lease (OML) 118 Production Sharing Contract (PSC) and the Dispute Settlement Agreement (DSA) by NNPC Limited and its contractor partners, Shell Nigeria Exploration and Production Company Limited, Esso Exploration and Production Nigeria (Deepwater) Limited, and Nigerian Agip Exploration Limited on August 24, 2026.

These agreements aim to establish the necessary conditions for the partners to proceed towards FID and follow the Federal Government's approval of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026. The BSWA project represents a critical test of Nigeria's ability to attract large-scale energy investments amidst a cautious global capital environment.