The Nigerian National Petroleum Company Limited (NNPC Ltd.) and the OML 118 Contractor Parties have executed the Addendum to the OML 118 Production Sharing Contract (PSC) and the Addendum to the Dispute Settlement Agreement (DSA).
The agreement which was signed at the NNPC Towers on Monday in Abuja marked a major milestone in advancing the deepwater Bonga Southwest/Aparo (BSWAp) project toward Final Investment Decision (FID).
The parties included Shell Nigeria Exploration and Production Company Limited (SNEPCo), Esso Exploration and Production Nigeria (Deepwater) Limited and Nigerian Agip Exploration Limited (NAE).
Speaking on the development, the Group Chief Executive Officer of NNPC Ltd., Mr Bashir Ojulari, said the execution gave effect to fiscal and commercial terms approved by the Federal Government to support the development of BSWAp.
Ojulari, in a statement expressed Nigeria’s commitment to a competitive, stable and attractive environment for large scale deepwater investment.
“The milestone follows President Bola Tinubu’s approval of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, a key component of government reforms aimed at strengthening the competitiveness of Nigeria’s deepwater sector and unlocking new investment.
“The PSC and DSA Addenda show the practical impact of these reforms in translating policy into project development.
“SWAp is projected to be one of Nigeria’s largest deepwater developments, with the potential to attract between 15 billion dollars and 21 billion dollars in investment over its lifespan and reach peak production of 175,000bpd and 14mscf of gas daily.
“The project is expected to boost government revenues, foreign exchange earnings, local content development, employment and business opportunities for Nigerians,” he said.
Ojulari said…
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