?State oil firm NNPC Limited and its OML 118 partners have executed key agreements to propel the Bonga Southwest/Aparo deepwater project toward a Final Investment Decision (FID).

?According to a statement from Chief Corporate Communications Officer Andy Odeh, the offshore development is set to unlock up to $21 billion in investment, making it Nigeria's largest deepwater project to date. Once operational, the facility is projected to achieve a peak production capacity of 175,000 barrels of crude oil per day.

?NNPC Group Chief Executive Officer Bashir Ojulari highlighted the milestone as clear evidence that President Bola Tinubu's energy sector reforms are driving concrete foreign investment into the economy.

?The project has already finalized its pre-engineering design phase, and a preferred contractor has been selected to construct the Floating Production, Storage, and Offloading (FPSO) facility. Beyond boosting national crude output, officials emphasize that the development will significantly drive local content participation, generate skilled jobs, and increase government revenue nationwide.