Tinubu Approves $20bn for Bonga Deepwater Project

President Bola Ahmed Tinubu has approved a significant $20 billion investment for the Bonga Deepwater project, a strategic initiative by the Nigerian National Petroleum Company Limited (NNPC). This approval is part of a broader effort to unlock the final investment decision (FID) for the Bonga Southwest Aparo (BSWA) deepwater project.

The project is expected to attract substantial foreign direct investment and is crucial for Nigeria's economic growth. The approval follows extensive technical and commercial negotiations involving NNPC, the Nigeria Revenue Service (NRS), and Shell, represented by CEO Wael Sawan.

The project aims to produce 150,000 barrels of crude oil and 140 million standard cubic feet of gas daily upon completion, creating approximately 5,000 direct and indirect jobs. The fiscal package approved by President Tinubu includes enhanced production tax credits and aims to resolve previous disputes, establishing a competitive framework that balances national interests with investor returns.