FG offers Shell $11.50 per barrel tax credit to unlock $20bn Bonga Deepwater project

The Nigerian Federal Government has approved an enhanced production-linked tax credit of $11.50 per barrel for Shell and its partners to unlock the Bonga Southwest Aparo deepwater project, expected to attract about $20 billion in foreign direct investment. Approved by President Bola Tinubu, the incentive aims to enable a Final Investment Decision (FID) on the offshore project, stalled for nearly two decades. Once operational, the project is expected to produce approximately 150,000 barrels of crude oil per day and 140 million standard cubic feet of natural gas daily, while creating over 5,000 direct and indirect jobs.