NNPC secures Tinubu’s approval for $20b investment decision in Deepwater project

Nigerian National Petroleum Company Limited has secured President Bola Ahmed Tinubu’s support for a $20 cardinal last concern successful the Bonga Southwest Aparo deepwater project.

The state-owned lipid steadfast spokesperson, John Odey, disclosed this successful a connection connected Tuesday.

The task is estimated to pull astir $20 cardinal successful overseas nonstop concern and presumption Nigeria for deepwater production.

The statesmanlike support comes aft months of method and commercialized negotiations involving NNPC Limited arsenic the concessionaire, the Nigeria Revenue Service (NRS), the Special Adviser to the President connected Energy, Olu Verheijen, and the Shell CEO, Mr. Wael Sawan.

Commenting connected the development, the Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, said the support is simply a testament to President Tinubu’s enactment successful the lipid sector.

“This support is simply a testament to the President’s leadership, NNPC’s disciplined execution, and our quality to operation complex, bankable transactions that present worth for Nigeria. For astir 2 decades, the Bonga Southwest task remained stalled. Today, nether President Tinubu’s reform-driven enactment and done NNPC’s sustained advocacy, we person breached that logjam. This is what partnership, persistence, and argumentation clarity tin achieve.”

Ojulari further stated, “This milestone further affirms ...