Nigeria Sees Breakthrough in Deep Offshore Investment with Bonga South-West/Aparo Project

The Nigerian oil and gas sector is experiencing a significant shift with the signing of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026. This framework aims to provide a more predictable and competitive fiscal environment, capable of unlocking over $50 billion in potential new investment in Nigeria's deep offshore.

One of the first major developments under this policy is the Bonga South-West/Aparo project, which has seen the execution of addenda to the Production Sharing Contract and Dispute Settlement Agreement. This brings the long-delayed project significantly closer to Final Investment Decision and opens the door to an estimated $15 billion to $21 billion investment over its life.

With a peak production of approximately 175,000 barrels of crude oil per day and 140 million standard cubic feet of gas per day, Bonga South-West/Aparo is expected to be one of Nigeria's most important deepwater developments. The project marks the first Final Investment Decision on a Nigerian deepwater Production Sharing Contract asset since 2008.

The transformation of NNPC Limited under the leadership of Group Chief Executive Officer Bashir Bayo Ojulari has been instrumental in this shift. Ojulari's focus on commercial discipline, transparency, investment attraction, and operational efficiency has changed the way the national oil company does business.