NNPC, Partners Sign Deals to Advance $21bn Bonga Southwest/Aparo Project
NNPC Ltd and its partners have signed new agreements to move the proposed Bonga Southwest/Aparo deepwater project closer to a Final Investment Decision. The project is located in Oil Mining Lease 118 and could attract up to $21 billion in investment. It is projected to produce about 175,000 barrels of oil per day at peak capacity, alongside 140 million standard cubic feet of gas daily. Shell Nigeria Exploration and Production, Esso Exploration and Production Nigeria (Deepwater), and Nigerian Agip Exploration signed addendums to the production-sharing contract and dispute settlement agreement. The deals reflect revised fiscal and commercial terms approved by the Federal Government to encourage deepwater investment. If approved, the development could become one of Nigeria’s largest new offshore oil projects and strengthen efforts to revive investment in the country’s deepwater petroleum sector.
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