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Nigeria approves new incentives for Shell's offshore Bonga South West project - REUTERS
CAPE TOWN, Jan 23 (Reuters) - Nigerian President Bola Tinubu has approved "targeted, investment-linked" incentives for Shell's (SHEL.L) Bonga South West deepwater oil project following a meeting with the company's CEO, Tinubu's office said. The proposed incentives are the latest in a raft of regulatory reforms in Africa's top crude oil producer as it looks to attract investment to boost oil and gas production.
"These incentives are not blanket concessions," Tinubu said in a statement late on Thursday.
He said the incentives will be ring-fenced and focused on new capital, incremental production and strong local content delivery. His office did not give further details on what form they would take.
"My expectation is clear: Bonga South West must reach a final investment decision within the first term of this administration," Tinubu added.
Shell took a final investment decision on the Bonga North development in 2024 as it sought to maintain output at its linked Bonga floating production, storage and offloading facility.
Since the start of Tinubu's presidential term in 2023, it has invested some $7 billion in Bonga North and other projects, the presidency said.
