Nigeria Advances Major Deepwater Investment  – MEDIA TODAY

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$21bn Bonga Southwest Project: Nigeria Advances Major Deepwater Investment 

Nigeria has moved closer to the development of the multi-billion dollar Bonga Southwest/Aparo deep-water project following the signing of key agreements between the Nigerian National Petroleum Company Limited (NNPC Ltd.) and partners in OML 118.

The landmark deal is expected to unlock up to $21 billion in investment, with the project projected to achieve peak production of about 175,000 barrels of crude oil per day.

NNPC Ltd. Chief Corporate Communications Officer, Andy Odeh, disclosed this in a statement, noting that the agreements represent a major step towards the project’s Final Investment Decision (FID).

NNPC Ltd. Group Chief Executive Officer, Bashir Ojulari, described the development as evidence that the Federal Government’s ongoing reforms in the oil and gas sector are creating an enabling environment for major investments.

The project has completed its pre-engineering design phase, while a preferred contractor has been selected for the Floating Production, Storage and Offloading (FPSO) facility.

Beyond increasing crude oil production, officials said the project is expected to generate employment, deepen local content participation and boost government revenue, further strengthening Nigeria’s position as a major destination for deepwater investments.