Nigeria has granted Shell Plc a $11.50 per barrel production-linked tax credit for the Bonga Southwest Aparo deepwater oil project.
On January 22, President Bola Tinubu approved the gazetting of “investment-linked” incentives to support the proposed Bonga south-west deep-offshore oil project by Shell Plc and its partners.
According to a Bloomberg report on Monday, the incentive was approved by Tinubu to push the Bonga Southwest Aparo project toward a final investment decision.
The publication, quoting sources who asked not to be identified because the information isn’t public, said the tax credit gave “Shell and its partners a rebate of $11.50 a barrel of crude produced, more than double the standard rate”.
“The sign-off clears one of the last hurdles for a project that has been in limbo for close to two decades,” Bloomberg said.
The Nigerian National Petroleum Company (NNPC) Limited said the approval
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