President Bola Ahmed Tinubu has authorised incentives designed to unlock a 20-billion-dollar deep-water oil development called the Bonga Southwest Aparo project major.
According to the Nigerian National Petroleum Company Limited the approval is expected to clear the path for a long-awaited final investment decision on the offshore development and draw about 20 billion dollars in foreign capital into Nigeria’s oil and gas sector.
The Bonga Southwest Aparo project operated by Shell plc and its partners has faced delays for many years but is now expected to proceed after months of negotiations between government authorities and energy companies worldwide.
Officials say the project may create thousands of direct and indirect jobs increase Nigeria’s offshore oil output and boost foreign exchange revenues for the country.
The development is viewed as a significant step in Nigeria’s push to attract investment and expand deep-water oil production in the coming years.
