Nigeria's Bonga Southwest/Aparo Deepwater Project Attracts $15-21 Billion in Investment

Nigeria's push to attract large-scale investment into its oil and gas sector has reached a major milestone with the Bonga Southwest/Aparo deepwater project. The development is expected to attract between $15 billion and $21 billion over its life, making it one of the largest deepwater developments in Nigeria.

The project, located in the deep offshore waters of the South-Western Niger Delta, is expected to achieve peak production of about 175,000 barrels of crude oil per day and 140 million standard cubic feet of gas per day. Beyond its projected oil and gas output, the Bonga Southwest/Aparo project is expected to create opportunities for Nigerian businesses, boost local content, generate employment, and strengthen the country's position as a hub for deep offshore project execution in Africa.

The development has assumed greater significance following the recent execution of an Addendum to the OML 118 Production Sharing Contract (PSC) and an Addendum to the Dispute Settlement Agreement (DSA) by NNPC Ltd and its partners. The agreements provide greater certainty around the project, reinforcing Nigeria's effort to create a competitive and stable environment for major deepwater investments.