By Udeme Akpan
THE Nigerian National Petroleum Corporation, NNPC and Shell Nigeria Exploration and Production Company Limited, SNEPCO have concluded plans to take a Final Investment Decision, FID on the $10 billion Bonga South West Aparo project.
Speaking to Vanguard, a top industry source who preferred not to be named said: “SNEPCO, NNPC and others involved in the Bonga South West Aparo development have reached agreement on the key commercial terms necessary to move the development forward.”
“This agreement covers related production sharing contract interpretation disputes. It also sets an incentivising and fair framework for developing this world class opportunity while further opportunities in the prolific Nigerian Deep-Water Oil and gas industry.
“We look forward to realising the significant benefits to the Nigerian state, the Nigerian Deep-water oil and gas construction contractors, their workforce and the investing parties as we progress towards the investment decision, construction and startup.
“Following the OML 118 heads of terms agreement, we are pleased to announce the release of the BSWA Invitation to Tender, where Nigerian and international companies on the agreed bid list are requested to bid fir the various contract packages that make up engineering procurement and construction of the BSWA project.”
According to him, this is an important step that will allow SNEPCo, government and investing parties to understand the cost of the project and if within expectation, take the project to a Final Investment Decision, FID.