The Group Chief Executive Officer of NNPC Limited, Mr. Bayo Ojulari, has said Nigeria’s $20 billion Bonga Southwest Aparo deepwater project marks a decisive shift in the country’s strategy to attract large-scale energy investments through targeted, project-specific incentives.
The Bonga Southwest Aparo project is operated by Shell Nigeria Exploration and Production Company, a subsidiary of Shell plc, and involves a consortium of international oil companies working alongside the national oil company.
Ojulari, who spoke at a cocktail reception organised by NNPC on the sidelines of CERAWeek by S&P Global in Houston, said the deal reflects a new policy direction anchored on flexibility, innovation and commercial realism.
According to him, the Bonga Southwest project stands out not only for its scale but for the bespoke framework developed to ensure its viability, noting that the government deliberately moved beyond traditional, one-size-fits-all arrangements.
“This was an unprecedented structure,” Ojulari said, explaining that specific incentives were designed and deployed to address the unique economic realities of the project and unlock investor commitment.
He noted that for years, Nigeria’s deepwater assets had faced constraints ranging from profitability concerns to legacy issues that slowed decision-making and stalled investments.
However, the new approach, he said, demonstrates a clear willingness by the government to intervene strategically in order to catalyse critical projects.
Ojulari emphasised that the Bonga Southwest agreement signals a broader transformation in how Nigeria positions itself in the global energy market, with a focus on aligning policy frameworks with commercial expectations.
“What this tells investors is that we are prepared to be innovative and creative in structuring deals that work—for both the country and our partners,” he said.
He added that the success of the project is already sending positive signals across the industry, with renewed interest from international oil companies in offshore exploration and new block acquisitions—areas that had seen limited activity for decades.
Beyond a single project, Ojulari said the model adopted for Bonga Southwest could serve as a template for unlocking other capital-intensive investments, particularly in deepwater and gas development where conventional frameworks have proven less effective.
He stressed that the overarching objective is to create a competitive and investment-friendly environment capable of attracting sustained capital inflows into the sector.
“This is about creating win-win outcomes. We recognise that capital is mobile, and we must provide the right conditions to attract it,” he stated.
SOURCE: thesun.ng
