The Federal Government has urged Italian energy giant Eni to fast-track Final Investment Decisions (FIDs) on two major deepwater oil developments — the $20 billion Zabazaba and Bonga Southwest projects — as Nigeria seeks to expand crude production and attract fresh foreign investment.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made the call on Wednesday during a meeting with Eni’s management in Abuja, where discussions centred on removing bottlenecks and accelerating project execution.
The Federal Government said the developments represent critical investments for Nigeria’s upstream oil sector, with the projects expected to contribute an additional 150,000 barrels per day (bpd) to national production capacity once operational.
Lokpobiri said the government was committed to creating the right regulatory and investment environment to ensure the projects move forward, while encouraging Eni to complete the FID process quickly to unlock economic benefits, job creation and opportunities for local businesses.
“Government remains committed to providing all necessary support for the successful delivery of these strategic investments,” the minister said, stressing that faster execution would help Nigeria strengthen its position in the global oil market.
The push comes after the resolution of a long-running legal dispute involving OPL 245, which paved the way for the approval of the field development plan for the deepwater assets.
The Bonga Southwest development is planned around a Floating Production, Storage and Offloading (FPSO) facility with a processing capacity of 150,000 barrels of crude oil per day.
Nigeria has been seeking to revive stalled upstream investments after years of regulatory uncertainty, operational challenges and declining production. Recent fiscal incentives introduced by the administration of Bola Tinubu are aimed at improving competitiveness and encouraging international oil companies to commit more capital to deepwater projects.
Industry analysts say the successful delivery of the Zabazaba and Bonga Southwest projects could provide a major boost to Nigeria’s oil revenues, foreign exchange earnings and energy security, while reinforcing the country’s position as one of Africa’s largest crude producers.
For global investors, the projects signal renewed efforts by Africa’s biggest oil producer to attract long-term capital into its upstream sector amid increasing competition for energy investment worldwide.
