LAGOS, Nigeria (XOL Africa) — Nigeria’s state-owned oil company and its partners have signed agreements that move the country’s major Bonga Southwest/Aparo deepwater oil project closer to a final investment decision, the company’s chief executive said Wednesday.
NNPC Ltd. Group CEO Bashir Bayo Ojulari said the company and contractor partners Shell Nigeria Exploration and Production Co. Ltd., Esso Exploration and Production Nigeria (Deepwater) Ltd. and Nigerian Agip Exploration Ltd. had executed addenda to the OML 118 Production Sharing Contract and a related Dispute Settlement Agreement.
“Today is for everyone who believes in Nigeria’s deepwater potential,” Ojulari said in a statement posted on LinkedIn.
The agreements give effect to fiscal and commercial terms approved by the Nigerian government for development of the Bonga Southwest/Aparo, or BSWAp, project, according to Ojulari.
He said the terms were enabled by the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order of 2026, signed by President Bola Ahmed Tinubu.
The project is expected to attract between $15 billion and $21 billion in investment and could reach peak production of about 175,000 barrels of oil per day and 140 million standard cubic feet of gas per day, Ojulari said.
“These numbers translate into real revenue, jobs, and opportunity for Nigerian businesses along the way,” he said.
NNPC has also completed the project’s pre-front-end engineering and design phase and selected a contractor for the floating production, storage and offloading vessel, subject to partner, regulatory, assurance and governance processes, Ojulari said.
The development is among Nigeria’s major deepwater projects and is expected to contribute to the country’s oil and gas output while generating investment and economic activity.
Ojulari credited cooperation among NNPC, the Nigerian government, regulators and the project’s contractor parties for the progress.
“It reflects exactly the kind of environment we’re building: one where Nigeria is a serious, competitive destination for deepwater investment,” he said.
He said NNPC remained committed to advancing the project safely and responsibly and ensuring it delivers lasting value for Nigeria and its citizens.
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