Tinubu approves $20B BSWA deepwater project incentives
President Tinubu approved fiscal incentives to unlock Final Investment Decision (FID) for Bonga Southwest Aparo deepwater project, marking Nigeria's first deepwater FID since 2008. The move follows Shell's January visit and comes amid rising oil prices. The project, operated by Shell in partnership with international companies, will produce 150,000 b/d crude and 140 MMscf/d gas, creating 5,000 jobs. Negotiations resolved 2021 dispute settlement agreement and enhanced Production Tax Credit. This restores Nigeria's deepwater investment status after nearly two decades of stagnation. The approval signals renewed investor confidence in Nigeria's energy sector reforms.