Nigeria has approved a production-linked tax credit for Shell (SHEL.N) on the $20bn Bonga Southwest Aparo deepwater project, people familiar with the matter said. Under president-approved terms to push a final investment decision, Shell and its partners will receive a tax rebate of $11.50 per barrel — more than twice the standard amount. The incentive will be available to other majors for new deepwater projects and will remain in place at least through 2029. The measure is intended to boost oil

Nigeria has approved a production-linked tax credit for Shell (SHEL.N) on the $20bn Bonga Southwest Aparo deepwater project, people familiar with the matter said. Under president-approved terms to push a final investment decision, Shell and its partners will receive a tax rebate of $11.50 per barrel — more than twice the standard amount. The incentive will be available to other majors for new deepwater projects and will remain in place at least through 2029. The measure is intended to boost oil output.