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•To unlock 150,000 bpd
By Adewale Sanyaolu
After nearly two decades of delays, Nigeria’s Bonga Southwest Aparo (BSWA) deepwater project has secured the Final Investment Decision (FID), following a presidential-approved fiscal package. The move, positions Nigeria to reclaim its status as a premier deepwater investment destination while generating significant economic and employment gains.
A statement by the Chief Corporate Communications Officer(CCCO) of NNPC Ltd, Mr. Andy Odeh, explained that the approval follows months of technical and commercial negotiations involving NNPC Limited, the Nigeria Revenue Service, the Special Adviser to the President on Energy, Olu Verheijen, and Shell CEO Wael Sawan.
It added that the approval culminates the President’s directive, issued during Sawan’s courtesy visit, to fast-track the enablers needed to move this strategic national asset to FID, signaling renewed confidence in Nigeria’s investment policy and reform momentum.
Group CEO of NNPC Limited, Mr. Bayo Ojularu said: “This approval is a testament to the President’s leadership, NNPC’s disciplined execution, and our ability to structure complex, bankable transactions that deliver value for Nigeria. For nearly two decades, the Bonga Southwest project remained stalled.
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Today, under President Tinubu’s reform-driven leadership and through NNPC’s sustained advocacy, we have broken that logjam.
This is what partnership, persistence, and policy clarity can achieve. This milestone affirms NNPC’s commitment to unlocking Nigeria’s vast energy potential through partnerships, disciplined innovation, and execution excellence.”
The Bonga Southwest project marks the first FID on a Nigerian deepwater Production Sharing Contract asset since 2008, re-establishing the country as a premier deepwater investment destination.
The approved fiscal package includes an enhanced Production Tax Credit and resolution of the 2021 dispute settlement, creating a competitive framework that balances national value with investor returns.
The statement added that NNPC, as concessionaire, collaborated with SNEPCo and partners to develop alternative fiscal solutions addressing structural constraints while protecting Nigeria’s long-term interests. NNPC noted that recommendations underwent rigorous evaluation by the National Revenue Service before submission to the Presidency.
NNPC disclosed further that with Presidential approval secured, NNPC and its partners will advance toward FID, triggering the multi-billion-dollar capital commitment that will transform Nigeria’s deepwater landscape. Operated by Shell with all IOCs in Nigeria as partners. The Bonga Southwest Aparo project is expected to generate over 5,000 direct and indirect jobs, deliver 150,000 barrels of crude oil per day, and produce 140 million standard cubic feet of gas daily upon completion.
