Nigerian President Bola Tinubu has approved “investment-linked” incentives for Shell’s Bonga South West deepwater oilfield following a meeting with the company’s Chief ExecutiveOfficer Wael Sawan, who flagged a possible green light for the $20 billion project in 2027.
The proposed incentives are the latest in a raft of regulatory reforms in Africa’s top crude oil producer as it looks to attract investment to boost oil and gas production.
“These incentives are not blanket concessions,” Tinubu said in a statement late on Thursday.
He said the incentives will be ring-fenced and focused on new capital, incremental production and strong local content delivery. His office did not give further details on what form they would take.
“My expectation is clear: Bonga South West must reach a final investment decision within the first term of this administration,” Tinubu added.
—Reuters—
