NNPC says new deal to progress 190k bpd Bonga South West Aparo project

London (Quantum Commodity Intelligence) - Nigeria's state-owned oil company Nigerian National Petroleum Company (NNPC) has signed an agreement with energy majors Shell, ExxonMobil, Eni and Total regarding its Bonga deepwater field, with $16 billion of investment unlocked, the company announced Tuesday.

The agreement opens up the stalled Shell Bonga South West Aparo Project, said NNPC, after a series of setbacks up to last year.

The Bonga South West Aparo Project will produce 190,000 barrels/day according to engineering company Doris Group.

The signing ceremony of execution took place between several senior members of the Nigerian government and NNPC and representatives of the contracting companies.

"By these Agreements, NNPC and the Contractors have settled the long-standing disputes that have bedevilled the PSC administration and entered into a new PSC with clearly aligned terms," said NNPC.