NNPC, partners sign agreements for $21bn Bonga deepwater project

The Nigerian National Petroleum Company Limited and its partners in Oil Mining Lease 118 have signed key agreements to advance the Bonga Southwest-Aparo deepwater project, a major development expected to attract up to $21 billion in investment. The signing, which occurred on Monday, August 24, 2026, marks a significant step toward a Final Investment Decision for one of Nigeria's largest proposed oil and gas developments.

The agreements executed were an Addendum to the OML 118 Production Sharing Contract and an Addendum to the Dispute Settlement Agreement. They were signed by NNPC Ltd and the contractor parties comprising Shell Nigeria Exploration and Production Company Limited, Esso Exploration and Production Nigeria Deepwater Limited, and Nigerian Agip Exploration Limited. According to NNPC, the addenda give effect to fiscal and commercial terms approved by the Federal Government to support the project's development.

This milestone follows President Bola Tinubu's approval of the Deep Offshore Oil and Gas Projects Incentives Tax Remission Order, 2026, a reform aimed at improving the competitiveness of Nigeria's deepwater sector and attracting new investments. The NNPC stated...