Abuja — President has approved a package of fiscal incentives aimed at unlocking the Final Investment Decision (FID) for the (BSWA) deepwater project, a development expected to trigger about $20 billion in investment in Nigeria’s oil and gas sector.
The project, located in Nigeria’s offshore deepwater basin, becomes the first deepwater Production Sharing Contract (PSC) project to reach the Final Investment Decision stage since 2008, marking a significant milestone for the country’s upstream petroleum industry.
Boost for Investment and Energy Security
Officials say the approval signals renewed global investor confidence in Nigeria’s energy reforms and regulatory framework, particularly following policy changes aimed at improving the operating environment in the oil and gas sector.
The development is expected to create employment opportunities for Nigerian engineers, technicians, and local service companies, while also strengthening domestic capacity within the energy industry.
Role of NNPC
The (NNPC Ltd.) said it is prepared to deliver on the project and support its execution in collaboration with international partners.
Industry analysts note that large-scale offshore developments like Bonga Southwest Aparo could significantly boost Nigeria’s crude oil production capacity while reinforcing long-term energy security.
Strategic Energy Milestone
The Bonga Southwest Aparo field forms part of Nigeria’s deepwater oil assets and is expected to play a key role in expanding the country’s offshore production portfolio.
Experts say the FID approval could signal a broader revival of deepwater investments in Nigeria, which had slowed in recent years due to fiscal uncertainty and evolving regulatory frameworks.
Further details on project timelines, partners, and production targets are expected to emerge as implementation progresses.