FG offers Shell $11.50 per barrel tax credit to unlock $20bn Bonga Deepwater project
50 per barrel for Shell Plc and its partners in a move aimed at unlocking the long-delayed Bonga Southwest Aparo deepwater oil project, a development expected to attract about $20 billion in foreign direct investment (FDI) into Nigeria.
The incentive, approved by President Bola Tinubu, is designed to pave the way for a Final Investment Decision (FID) on the offshore project, which has remained stalled for nearly two decades despite its strategic importance to Nigeria’s oil production ambitions.
For the Tinubu administration, the decision reflects a strategic trade-off: accepting lower immediate tax receipts in exchange for reviving large-scale projects capable of increasing production, attracting investment and strengthening Nigeria’s long-term position in the global oil industry.
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