Tinubu Approves Major Oil Deal
President Bola Ahmed Tinubu has approved a $20 billion final investment plan for the Bonga Southwest Aparo deepwater oil project proposed by the Nigerian National Petroleum Company Limited.
The decision is expected to revive a project that has faced delays for many years.
The approval followed months of discussions involving the national oil company, the Nigeria Revenue Service, the president’s energy adviser Olu Verheijen and the chief executive of Shell, Wael Sawan.
Officials say the move is aimed at pushing the long-delayed project toward full development.
NNPC said the decision will help expand Nigeria’s deepwater oil production and strengthen the country’s position in global energy investment. The company noted that the project had remained stalled for almost two decades before the latest breakthrough.
Once fully developed, the Bonga Southwest Aparo project is expected to produce about 150,000 barrels of crude oil per day along with large volumes of gas. The development is also projected to create more than 5,000 direct and indirect jobs.
