Shell receives more tax breaks in $20 billion Nigeria oil project

On July 14th, Jinshi Data reported that Nigeria has approved a tax credit linked to production for Shell (SHEL.N) for a deepwater oil field project. This incentive will also be offered to other oil giants in the future, as Nigeria hopes to boost production. According to informed sources, the terms approved by the Nigerian president to facilitate the final investment decision for the Bonga Southwest Aparo project stipulate that Shell and its partners will receive a tax rebate of $11.50 for every barrel of crude oil produced, which is more than double the standard amount. Informed sources stated that other producers' new deepwater projects will also receive this incentive, and the policy will last at least until 2029