$20bn Bonga Restart Poised to Breathe New Life into Five Dormant Oil Fields

Story: written by Zara January 26,2026
A proposed $20 billion revival of the Bonga deepwater project is set to provide a critical boost to Nigeria’s upstream oil sector, potentially unlocking value in five long-idle offshore assets and strengthening the country’s crude output outlook.

Industry sources say the Bonga redevelopment plan could reconnect and optimise nearby stranded fields that have remained undeveloped due to high costs, regulatory uncertainty, and infrastructure constraints. By leveraging existing facilities and subsea infrastructure, the project is expected to lower development risks and shorten timelines for bringing new barrels on stream.

The revival comes as Nigeria intensifies efforts to stabilise oil production and attract fresh investment following recent sector reforms. Analysts believe the scale of the Bonga project could restore investor confidence in deepwater operations and serve as a catalyst for broader offshore development.

Beyond production gains, the initiative could generate jobs, expand local content participation, and increase government revenue, offering much-needed relief to assets that have remained commercially unviable for years.

If executed as planned, the Bonga restart could mark a turning point for Nigeria’s offshore industry—transforming dormant fields into productive assets and reinforcing the country’s position in the global energy market.