Tinubu Approves Tax Incentives to Unlock Shell’s $20bn Bonga Deepwater Project

President Bola Tinubu has approved a targeted fiscal incentive package to fast-track the Final Investment Decision for Shell’s Bonga Southwest Aparo deepwater project. The package includes an enhanced Production Tax Credit and the resolution of a 2021 dispute settlement. The Nigerian National Petroleum Company announced the move after a visit by Shell CEO Wael Sawan. It comes amid a surge in global oil prices driven by supply disruptions. The Bonga field was Nigeria’s first deepwater oil project in 2005. The new $20 billion investment could yield up to 150,000 barrels of oil and 140 million cubic feet of gas per day. The project is set to create over 5,000 direct and indirect jobs. It highlights the government’s drive to attract strategic investments and accelerate economic growth.

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