NNPC Secures Presidential Approval for $20bn Final Investment Decision on Bonga Deepwater Project

Nigeria’s state oil company, Nigerian National Petroleum Company Limited (NNPC Ltd), has secured presidential approval for a targeted fiscal incentive aimed at unlocking the long-awaited Final Investment Decision (FID) on the Bonga Southwest Aparo Project, a major deepwater oil development project.

The approval was granted by President Bola Ahmed Tinubu, in a move expected to boost investor confidence and accelerate Nigeria’s efforts to attract strategic investments into its oil and gas sector.

According to NNPC Ltd, the Bonga Southwest Aparo project is projected to attract about $20 billion in Foreign Direct Investment (FDI) and is expected to usher Nigeria into a new phase of deepwater oil production.

The project forms part of Nigeria’s broader strategy to expand offshore exploration and production while strengthening the country’s position as a leading energy producer in Africa.

NNPC stated that the fiscal incentive approved by the President is designed to make the project commercially viable and encourage partners to proceed with the final investment decision after years of delays.

Industry analysts say the development could significantly increase Nigeria’s crude oil output and generate additional revenue for the country if successfully implemented.

Further details of the announcement are available on the official website of Nigerian National Petroleum Company Limited.