President Bola Tinubu has approved a production tax credit aimed at fast-tracking the final investment decision for the Bonga Southwest Aparo deepwater project operated by Shell.
The Nigerian National Petroleum Company Limited said the project is expected to attract about $20 billion in foreign direct investment and strengthen Nigeria’s deepwater oil production.
According to the NNPC, the approval followed months of negotiations involving the company, the Nigeria Revenue Service and Shell. The fiscal package includes an enhanced production tax credit and the resolution of a previous dispute agreement to improve the investment climate.
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The Bonga Southwest Aparo project is expected to produce about 150,000 barrels of crude oil per day and create more than 5,000 direct and indirect jobs when completed.
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