The Federal Government has urged Italian energy giant, Eni, to expedite the Final Investment Decisions (FIDs) for the $20 billion Zabazaba and Bonga Southwest deepwater oil developments.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made the appeal during a meeting with Eni’s management team in Abuja on Wednesday.
Discussions centred on key milestones required to secure the FIDs, as well as opportunities for collaboration with local and international partners to advance the projects and maximise their contribution to Nigeria’s economy.
Valued at approximately $20 billion, the Zabazaba and Bonga Southwest projects are expected to add about 150,000 barrels per day (bpd) to Nigeria’s crude oil production capacity, providing a significant boost to national output.
Lokpobiri reaffirmed the Federal Government’s commitment to providing the necessary support to ensure the successful delivery of the projects. He urged Eni to accelerate the FID process to enable Nigerians to benefit from the economic opportunities and investments associated with the developments.
The minister noted that following the resolution of the long-standing legal dispute over the OPL 245 oil block, the government approved Eni’s field development plan for the deepwater assets. The project will be developed using a Floating Production, Storage and Offloading (FPSO) vessel with a processing capacity of 150,000 barrels of oil per day.
Supported by the fiscal incentives introduced by President Bola Tinubu, the Bonga Southwest project is expected to attract substantial foreign direct investment and strengthen Nigeria’s position as a leading deepwater oil producer.