NNPC, partners advance $21bn Bonga offshore project
NNPC and partners sign agreements to advance the $21bn Bonga offshore project, boosting Nigeria’s deepwater investment. Learn about this major development. Read More: https://punchng.com/nnpc-partners-advance-21bn-bonga-offshore-project/
The Nigerian National Petroleum Company Limited (NNPC) and its partners have taken significant steps to advance the $21bn Bonga offshore project, located in Oil Mining Lease 118. The project, expected to become one of Nigeria's biggest deepwater developments with a peak production of 175,000 barrels of oil and 140 million standard cubic feet of gas per day, is now closer to a Final Investment Decision after the execution of two addenda to the OML 118 Production Sharing Contract and Dispute Settlement Agreement.
These agreements reflect the practical impact of recent reforms by the Federal Government aimed at improving Nigeria's attractiveness as a destination for deepwater investment, following President Bola Tinubu's approval of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order 2026. The NNPC's Chief Corporate Communications Officer highlighted that the execution of these addenda demonstrates the effectiveness of the reforms in creating a stable and competitive environment for large-scale deepwater investment.
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