Shell Nigeria Exploration and Production Company has introduced the discharge of invitation to tender to contractors for the event of the Bonga Southwest Aparo oil subject.

SNEPCo stated in a press release that the undertaking’s preliminary part included a brand new Floating, Production, Storage and Offloading vessel, greater than 20 deep-water wells and associated subsea infrastructure.

The subject lies throughout Oil Mining Leases 118, 132 and 140, about 15km South-West of the prevailing Bonga Main FPSO.

According to the assertion, the invitation to tender is for engineering, procurement and development contracts for the 150,000 barrels per day undertaking within the Gulf of Guinea.

The Managing Director, SNEPCo, Bayo Ojulari, stated, “This is a brand new vista for deep offshore oil and fuel exploration in Nigeria primarily based on a revised business framework embraced by the federal government and the undertaking traders.

“SNEPCo has concluded OML 118 negotiations with the NNPC. We now have a transparent business framework, supported by the federal government and undertaking traders, towards a possible Bonga South-West Aparo Final Investment Decision.”

He described the conclusion of the business framework as a key milestone for the undertaking and the event of Nigeria’s deep-water oil and fuel business.

“The new framework marks the beginning of the second era of deep-offshore exploration and improvement, not only for SNEPCo however for all gamers in Nigeria’s deep water. This is a mannequin that we see being replicated within the business to additional unleash Nigeria’s potential in deep-water exploration,” Ojulari added.

On the estimated undertaking price, the General Manager for BSWA, SNEPCo, Adam Bradley, stated, “The launch of ITT will permit ourselves, the federal government and investing events to grasp the precise prices for the preliminary phases which we anticipate will probably be very aggressive.”

According to the assertion, SNEPCo operates OML 118 underneath a manufacturing sharing contract with the NNPC. The co-venture companions in OML 118 are Total E & P Nigerian Limited, Nigerian Agip Exploration Limited and Esso Exploration and Production Nigeria (Deepwater) Limited.

In a associated improvement, the NNPC and its companions for the event of the Bonga Main and Bonga South-West fields in OML 118 on Thursday signed the Heads of Terms Agreement for the event of the over 10 billion barrels of deepwater oil reserves

NNPC’s Group General Manager, Group Public Affairs Division, Ndu Ughamadu, stated the HOT deal was executed after a profitable settlement of a 10-year dispute amongst stakeholders primarily based on a complete rapprochement anchored by the company.

The Chief Operating Officer, Upstream, NNPC, Bello Rabiu, stated the signing of the settlement on the undertaking got here as a serious landmark within the quest to unlock the nation’s huge deepwater sources and develop the general crude oil reserves base.

He stated with the HOT settlement now safely within the kitty, stakeholders had been trying ahead to speedy negotiation forward of the execution of the FID underneath phrases which might be mutually helpful to all involved.

The Group General Manager, Corporate Planning and Strategy, NNPC, who additionally doubled as head of the Bonga South-West Project dispute decision workforce, Bala Wunti, stated the decision of the authorized dispute had paved the best way for companions to solid their funding web into Nigeria’s extremely prolific deep waters with the potential for optimum returns.

He stated the initiative to exit the authorized battle and embrace the business choice proved a turning level in settling the dispute and turned the following web page of the undertaking which was key to the Federal Government’s aspiration by way of manufacturing improve and reserve progress.

good day

Read more at Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here