NNPC signs agreement with OML 118 operators to unlock '$10 billion investment'

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The NNPC announced the signing of the agreement in a social media post on Tuesday.
Shell Nigeria Exploration and Production Company (SNEPCO) operates OML 118 (Bonga oilfield) on behalf of NNPC and its partners under a production sharing contract (PSC).
The partners in the oilfield are Shell with 55 percent stake; Esso Exploration and Production Nigeria Limited (20 percent); Total E & P Nigerian Limited and Nigerian Agip Oil Company (NAOC) with 12.5 percent stake each.
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Bonga is Nigeria’s first deepwater project discovered in 1993.
It lies 120 kilometres south-west of the Niger Delta in a water depth of over 1,000 metres and it can produce 200,000 barrels of oil per day and 150 million standard cubic feet of gas per day.

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