NNPC, Shell sign off on Bonga Southwest/Aparo deal, eye FID

The Nigerian National Petroleum Company (NNPC) and OML 118 partners, including Shell and Esso, on Monday signed key addenda advancing the deepwater Bonga Southwest/Aparo Project toward Final Investment Decision, Tribune Online reports.

The agreements follow President Bola Tinubu’s approval of the Deep Offshore Oil and Gas Projects Incentives Order 2026. The project could attract $15-21 billion in investment and reach peak production of 175,000 barrels of oil per day. NNPC GCEO Bashir Bayo Ojulari said the milestone demonstrates Nigeria’s competitive fiscal framework. A preferred FPSO contractor has also been identified, pending regulatory approvals.