NNPC, partners advance $21bn Bonga offshore project

Nigeria's NNPC and partners have taken significant steps to advance the $21 billion Bonga Southwest/Aparo deepwater oil project. The NNPC signed addendums to the OML 118 Production Sharing Contract and Dispute Settlement Agreement, implementing new fiscal and commercial terms approved by the Federal Government. The project, situated in Oil Mining Lease 118, is poised to become one of Nigeria's largest deepwater developments, with a projected peak production of 175,000 barrels of oil and 140 million standard cubic feet of gas per day.

President Bola Tinubu's recent reforms to improve the competitiveness of Nigeria's deepwater fiscal regime are credited with paving the way for this major investment. The NNPC's Chief Corporate Communications Officer emphasized that the agreements reflect the impact of these reforms, demonstrating Nigeria's commitment to creating a stable and attractive environment for large-scale deepwater investment.