Market Chatter: Shell to Receive Nigeria Tax Incentive for Deepwater Project

MT Newswires Live07-14 19:01

Shell (SHEL) will receive a production-linked tax credit from Nigeria for its Bonga Southwest Aparo deepwater project, Bloomberg reported Tuesday, citing people familiar with the matter.

The report said Shell and its partners will receive a tax rebate of $11.50 per barrel of crude produced, more than double the standard amount, under terms approved by President Bola Tinubu.

The incentive will also be available for other producers for new deepwater projects through at least 2029, according to Bloomberg.

Shell told Bloomberg it continues to advance the project toward development but declined to comment further.

Shell did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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