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Market Chatter: Nigeria Reportedly Grants Shell Production-linked Tax Credit for Deepwater Project

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Shell (SHEL.L, SHELL.AS) is entitled to receive a tax credit linked to production at the Bonga Southwest Aparo project in Nigeria as part of the African country's push to advance the deepwater project to a final investment decision, Bloomberg News reported Tuesday, citing people familiar with the matter.

The energy giant and its partners will reportedly receive a rebate of $11.50 per barrel of crude produced from the project, more than the double the standard rate. The tax relief will run until at least 2029 and will be offered to other producers pursuing new deepwater projects in Nigeria.

A spokesperson for Shell Nigeria Exploration and Production Co. toldthat the company continues to progress the deepwater project and will communicate material updates through official channels.

(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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