Nigeria Oil Minister Expects Green Light For Bonga Oil Field By February

Nigeria’s oil minister expects a final investment decision (FID) on its Bonga Southwest offshore oil field by February 2019, he said Dec. 7 on the sidelines of an OPEC meeting.

The project, one of the country’s largest with an expected production of 180,000 barrels per day, will generate profit at below $50 per barrel, according to Royal Dutch Shell which operates the field.

“Negotiations [are] still going on. The contractual dynamics [are] still being perfected …,” Emmanuel Kachikwu told reporters. “Shell wants to do it by the end of the year. Probably it will slip into early next year for FID purposes … Between now and February we should see a FID on Bonga.”