Nigeria Revenue Service<\/a>\u00a0(NRS), the Special Adviser to the President on Energy, Olu Verheijen, and the Shell CEO, Mr Wael Sawan.<\/p>\nThe development is a culmination of the president\u2019s directive issued during a courtesy visit by Shell CEO, Mr Wael Sawan, to fast-track the enablers required to move this strategic national asset to FID.<\/p>\n
Speaking on the development, the Group Chief Executive Officer of NNPC Limited, Mr Bashir Ojulari, said it signalled renewed confidence in Nigeria\u2019s policy direction.<\/p>\n
\u201dThis development will translate reform momentum into tangible investment outcomes.<\/p>\n
\u201cThis approval is a testament to the president\u2019s leadership, NNPC\u2019s disciplined execution and our ability to structure complex, bankable transactions that deliver value for Nigeria.<\/p>\n
\u201cFor nearly two decades, the Bonga Southwest project remained stalled. Today, under President Tinubu\u2019s reform-driven leadership and through NNPC\u2019s sustained advocacy, we have broken that logjam.<\/p>\n
\u201cThis is what partnership, persistence and policy clarity can achieve.\u201d<\/p>\n
\u201cThis milestone further affirms NNPC\u2019s commitment, under the President\u2019s leadership, to unlocking Nigeria\u2019s vast energy potential through partnerships, disciplined innovation and execution excellence,\u201d he said.<\/p>\n
Ojulari said the Bonga Southwest project would be the first FID on a Nigerian deepwater Production Sharing Contract asset since 2008, re-establishing Nigeria as a premier deepwater investment destination.<\/p>\n
He said the fiscal package approved by President Tinubu included an enhanced Production Tax Credit and resolution of the 2021 dispute settlement agreement, creating a competitive framework that balances national value with investor returns.<\/p>\n
He said the NNPC Limited, as concessionaire, worked closely with SNEPCo and the broader contractor party to develop alternative fiscal solutions that address structural constraints while protecting Nigeria\u2019s long-term interests.<\/p>\n
According to him, the approval was granted after a rigorous evaluation by the NRS and submission of recommendations to the Presidency.<\/p>\n
\u201cThis milestone reinforces NNPC\u2019s strategic pivot toward partnership-driven growth.<\/p>\n
\u201cBy aligning with global majors like Shell and securing the enabling fiscal environment, NNPC Ltd is translating the President\u2019s investment reform agenda into tangible outcomes\u2014jobs, revenues, and energy security for Nigerians.<\/p>\n
\u201cWith Presidential approval secured, NNPC Limited and its partners will now progress toward FID, triggering the multi-billion-dollar capital commitment that will transform Nigeria\u2019s deepwater landscape and deliver enduring value to the nation,\u201d Ojulari said.<\/p>\n
The NNPC boss said the Bonga Southwest Aparo project, operated by Shell with all International Oil Companies (IOCs) in Nigeria as partners, would create over 5,000 direct and indirect jobs.<\/p>\n
He said it would also deliver 150,000 barrels per day of crude oil and 140 million standard cubic feet per day of gas upon completion.\u00a0 (NAN)<\/p>\n
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