Before then, the Nigerian president who had also carried out other reforms in the oil and gas sector also signed the amended Production Sharing Contract Act to encourage investments in the deep offshore.
Contraco Nigeria Limited dragged NNPC, the parent company of NAPIMS, to court demanding more than $31 million over the Egina deepwater project. It is demanding “an interest on the said sum at 11% per annum from the date of judgment until payment of judgment sum and N30 million cost of the action.” Some of the stalled deepwater projects include: Preowei Field Development by Total Upstream Nigeria ; Owowo Field Development by ExxonMobil ; Nsiko Field Development by Chevron; Agbami Gas Commercialisation Field Development by Chevron ; Bonga North Development by Shell Nigeria Exploration and Production Company ; and the Bonga Main Development, also by SNEPCo.
According to them, all the projects that had reached advanced stages when the current management of NAPIMS assumed duties in early 2020 have been stalled.