The Nigerian National Petroleum Company Limited (NNPC Ltd), and the OML 118 Contractor Parties: Shell Nigeria Exploration and Production Company Limited (SNEPCo), Esso Exploration and Production Nigeria (Deepwater) Limited, and Nigerian Agip Exploration Limited (NAE) have executed the Addendum to the OML 118 Production Sharing Contract (PSC) and the Addendum to the Dispute Settlement Agreement (DSA), marking a major milestone in the advancement of the deepwater Bonga Southwest/Aparo project (BWSAp) towards Final Investment Decision (FID).
The execution gives effect to the fiscal and commercial terms approved by the Federal Government to support the development of BSWAp and it reinforces Nigeria’s commitment to creating a competitive, stable and attractive environment for large-scale deepwater investment.
Bonga Southwest/Aparo project (BWSAp)
The Bonga Southwest/Aparo project (BWSAp) is expected to be one of Nigeria’s largest deepwater developments, with the potential to attract US$15 billion to US$21 billion in investment over the life of the project and achieve peak production of about 175 kbopd of oil and 140 mmscfd of gas.
Speaking on the milestone, NNPC Ltd GCEO, Engr. Bashir Bayo Ojulari, said: “The execution of the BSWAp PSC and DSA Addenda demonstrates the effectiveness of President Tinubu’s reforms in translating policy into investment.
“This is about unlocking a major deepwater project and demonstrating that Nigeria has a competitive fiscal framework and a clear pathway for sustainable investment in its energy sector. NNPC Ltd will continue to work closely with the Federal Government, our partners and other stakeholders to ensure that this project delivers maximum value for the Federation and the Nigerian people.” He noted.
Once operational, BSWAp is expected to become one of Nigeria’s most significant new deepwater production hubs, contributing materially to national oil production and supporting the country’s ambition to sustainably grow oil and gas output over the coming years.
