Shell and NNPC Sign Terms for US$21 Billion Bonga Project
NNPC and its partners signed an addendum to the OML 118 production sharing contract, moving the Bonga South West Aparo deepwater project towards a final decision. The post Shell and NNPC Sign Terms for US$21 Billion Bonga Project appeared first on The Rio Times .
Nigeria's National Petroleum Corporation (NNPC) and its OML 118 partners have signed an addendum to their production sharing contract and a dispute settlement agreement for the Bonga South West Aparo deepwater project. The deal is expected to attract investment ranging from US$15 billion to US$21 billion over the project's life.
The project, which could be one of Nigeria's largest deepwater developments, is expected to peak at around 175,000 barrels of oil and 140 million standard cubic feet of gas per day. The contractor parties involved are Shell Nigeria Exploration and Production Company, Esso Exploration and Production Nigeria (Deepwater), and Nigerian Agip Exploration.
Early engineering work is complete, and a preferred builder for the production vessel has been chosen, allowing the project to move into detailed design. However, no final investment decision date, first-oil date, or equity split among the partners has been disclosed. The agreement comes after Nigeria's approval of the fiscal package in March under President Bola Tinubu's deep offshore incentives order.
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