BY NKECHI BAECHE-ESEZOBOR —Nigeria’s national oil company, Nigerian National Petroleum Company Limited (NNPC Ltd.), has secured presidential approval to move ahead with the Final Investment Decision (FID) on the $20 billion Bonga Deepwater Project, a major offshore oil development expected to boost the country’s crude oil production.
The approval, granted by Bola Ahmed Tinubu, marks a significant step toward expanding Nigeria’s deepwater oil operations and strengthening long-term energy output.
The Bonga field, located offshore in the Niger Delta and operated by Shell Nigeria Exploration and Production Company (SNEPCo), is one of Nigeria’s flagship deepwater assets. The new phase of the project is expected to extend the life of the field and unlock additional oil reserves.
Industry stakeholders say the investment will help raise production capacity, attract foreign investment, and support Nigeria’s efforts to stabilize crude output.
The development is also expected to create employment opportunities during the construction and operational phases, while contributing significantly to government revenue through taxes, royalties and other payments.
The Bonga project was Nigeria’s first deepwater oil development when production began in 2005, and it has since remained a critical component of the country’s offshore oil portfolio.
With the presidential approval now secured, NNPC and its partners are expected to proceed with the final stages required to commence full development of the $20 billion project.
