The Federal Government has urged international oil company, Eni, to speed up on the Final Investment Decisions (FIDs) of the $20 billion Zabazaba and Bonga Southwest developments. Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made the plea on Wednesday when he met with Eni management in Abuja.
The meeting focused on the key milestones required to achieve the FIDs and explored opportunities for collaboration with local and international partners to advance the projects and maximise their impact on Nigeria’s economy. The projects, valued at about $20 billion, are expected to add 150,000 barrels per day to our current production capacity, significantly boosting Nigeria’s oil output.
READ ALSO: Customs Intensifies Crackdown On Vegetable Oil Smuggling While reaffirming FG’s commitment to providing all necessary support for the successful delivery of these projects, Lokpobiri urged ENI to fast-track the FID process so that Nigerians can begin to enjoy the economic benefits and opportunities arising from these strategic investments.
Following the historic resolution of a long-standing legal dispute over OPL 245, the government approved Eni’s field development plan for the deepwater assets. The project will utilise a Floating Production, Storage, and Offloading (FPSO) vessel with a processing capacity of 150,000 barrels of oil per day.
Backed by recent fiscal incentives approved by President Bola Tinubu, the Bonga Southwest Project is a major deepwater undertaking expected to attract significant foreign direct investment and add 150,000 barrels per day to Nigeria’s output.