News
FG Introduces New Tax Incentive to Fast-Track Shell’s $20bn Bonga Oil Development
By Rukevwe Odeh
The Federal Government has approved an improved production-linked tax incentive for Shell Plc and its partners as part of efforts to revive the long-delayed Bonga Southwest Aparo deepwater oil project and attract fresh investment into Nigeria’s oil and gas industry.
The revised fiscal package grants a tax credit of $11.50 for every barrel of crude oil produced from the project. The incentive, approved under the administration of President Bola Tinubu, is intended to encourage a long-awaited Final Investment Decision (FID) on the offshore development, which has remained inactive for nearly 20 years.
Industry stakeholders believe the new measure removes one of the major financial barriers that had delayed the project for years. The Nigerian National Petroleum Company (NNPC) Limited described the approval as a significant breakthrough, noting that it would represent the first Final Investment Decision on a deepwater Production Sharing Contract project in Nigeria since 2008.
Located about 120 kilometres offshore, the Bonga Southwest Aparo field is expected to attract around $20 billion in foreign direct investment once development begins. The project is projected to produce roughly 150,000 barrels of crude oil daily, supply about 140 million standard cubic feet of natural gas each day, and create more than 5,000 direct and indirect jobs.
Reports indicate that the fiscal arrangement also settles a long-standing dispute dating back to 2021, clearing another obstacle that had discouraged investment in the offshore asset. Discussions leading to the approval reportedly involved NNPC, the Nigeria Revenue Service, the Presidency and Shell executives.
Energy analysts say the enhanced incentive could improve investor confidence and encourage additional deepwater investments by international oil companies. Although the tax credit may reduce government earnings per barrel in the short term, experts believe the long-term gains through increased oil production, job creation, foreign investment and foreign exchange earnings could outweigh the immediate revenue impact.
By staff Reporter Rukevwe Odeh
A group of stakeholders in Warri has announced its decision to withdraw support for the incumbent member representing the Warri Federal Constituency in the House of Representatives, Hon. Thomas Ereyitomi, ahead of the 2027 general elections.
The group, while explaining its position, cited what it described as dissatisfaction with the lawmaker’s performance and representation of the constituency.
The stakeholders subsequently declared their support for Comrade Jude Ukori Mulade as their preferred candidate for the 2027 House of Representatives election.
According to the group, its decision followed concerns over the level of representation and development delivered to the constituency under the current administration.
The stakeholders said they were seeking a representative who would be more responsive to the needs of the people and more committed to advancing issues affecting residents across the constituency.
They urged other political stakeholders and eligible voters in Warri to consider Mulade’s candidacy as the 2027 elections approach.
The group’s endorsement adds to the growing political activities and realignments expected to shape the contest for the Warri Federal Constituency seat ahead of the 2027 general elections.
Ereyitomi, who currently represents the constituency in the House of Representatives, has yet to publicly respond to the allegations contained in the group’s statement.
By staff Reporter Rukevwe Odeh
Residents and road users along the Warri Airport Road, particularly the section near Federal Government College in Warri South Local Government Area of Delta State, have continued to contend with recurring flooding despite years of road construction and rehabilitation efforts.
The affected stretch is frequently submerged following heavy rainfall, with inadequate drainage identified as a major factor contributing to the persistent flooding.
The recurring situation has raised concerns among motorists, residents and other road users, who say the condition of the road continues to disrupt movement and create difficulties for commuters whenever there is significant rainfall.
The development has also renewed calls for attention to the drainage system along the route, with residents hoping that a lasting solution will be implemented to prevent the road from repeatedly becoming flooded.
By staff Reporter: Rukevwe Odeh
A heavy downpour has left the popular NNPC Housing Complex Road, also known as Ekpan Link Road, submerged in floodwater in Uvwie Local Government Area of Delta State.
The rainfall caused significant water accumulation along the busy road, affecting movement and creating difficulties for motorists and other road users.
The condition of the road has renewed concerns over flooding and drainage challenges in the area, particularly during periods of heavy rainfall.
Residents and commuters are expected to exercise caution while using the affected route as efforts to manage the situation continue.
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