NNPC, partners advance $21bn Bonga offshore project

The Nigerian National Petroleum Company Limited (NNPC) and its joint venture partners have signed key agreements to advance the proposed $21 billion Bonga Southwest/Aparo deepwater project towards a Final Investment Decision. The project, located in Oil Mining Lease 118, is expected to produce about 175,000 barrels of crude oil per day and 140 million standard cubic feet of gas daily at peak production.

NNPC, Shell Nigeria Exploration, Esso Exploration and Nigerian Agip Exploration signed addendums to the production sharing contract and dispute settlement agreement, implementing new fiscal terms approved by the Federal Government. The development follows President Bola Tinubu’s approval of the Deep Offshore Oil and Gas Projects Incentives Order, 2026.

The project has also completed its Pre-Front End Engineering Design phase, with a preferred bidder identified for the Floating Production Storage and Offloading vessel. If approved, the development is expected to generate government revenue and foreign exchange while creating opportunities for Nigerian companies in engineering, fabrication and logistics and strengthening local content participation.

Source:
https://punchng.com/nnpc-partners-advance-21bn-bonga-offshore-project/

Written by: Toluwalowo Adekunle Erastus
Edited by: Afolalu Eniola Anthonia