Nigeria's Bonga Southwest Project Moves Closer to $21 Billion Investment

Nigeria's Bonga Southwest project is moving closer to a Final Investment Decision (FID) after the Nigerian National Petroleum Company Limited (NNPC Ltd) and contractor parties signed addenda to the Production Sharing Contract (PSC) and Dispute Settlement Agreement (DSA).

The agreements, signed on Monday, give effect to fiscal and commercial terms approved by the Federal Government for the development of the project and provide a framework for advancing Bonga Southwest/Aparo towards FID.

Peak production is projected at about 175,000 barrels per day, with the project also expected to produce 140 million standard cubic feet of gas per day (mmscfd), providing an additional source of gas supply alongside its crude oil production.