The ITT is for engineering, procurement and construction contracts for the 150,000 barrels per day project in the Gulf of Guinea.

“This is a new vista for deep offshore oil and gas exploration in Nigeria based on a revised commercial framework embraced by government and the project investors,” SNEPCo’s Managing Director, Bayo Ojulari, said on Thursday, 14 February, 2018  a day after the execution of the Heads of Terms  by the Nigeria National Petroleum Corporation (NNPC), SNEPCo and its Unit  partners, revising the terms of the OML 118 Production Sharing Contract.

Ojulari said, “SNEPCo has concluded OML 118 negotiations with the NNPC. We now have a clear commercial framework, supported by the government and project investors, toward a potential Bonga South West Aparo Final Investment Decision (FID).”

Ojulari described the conclusion of the commercial framework as a key milestone for the project and the development of Nigeria’s deep-water oil and gas industry. “The new framework marks the start of the second generation of deep-offshore exploration and development, not just for SNEPCo but for all players in Nigeria’s deep water. This is a model that we see being replicated in the industry to further unleash Nigeria’s potential in deep-water exploration.”

On the estimated project cost, SNEPCo’s General Manager for BSWA, Adam Bradley said, “The release of ITT will allow ourselves, government and investing parties to understand the actual costs for the initial phases which we expect will be very competitive.”