Shell Nigeria Exploration and Production Company, together with its partners, has signaled plans to invest as much as $20 billion in the country’s oil and gas sector. This follows nearly $7 billion already allocated across two major developments within the last 13 months. The renewed commitment underscores Shell’s strategic focus on deepening its presence in West Africa, where proven reserves in the Niger Delta and offshore blocks remain among the company’s highest-return assets globally.

In late 2025, Shell approved a roughly $5 billion final investment decision for the Bonga North deep-water development, which is expected to add up to 150,000 barrels of oil equivalent per day at peak production. Concurrently, an additional $2 billion was green-lit for the HI/Feed shallow-water gas project, projected to deliver up to 350 million standard cubic feet of gas per day—equivalent to roughly 60,000 barrels of oil equivalent—thereby bolstering Nigeria’s domestic gas supply and export capacity.

Shell and Nigeria National Petroleum Company group executives are in advanced discussions on the Bonga South-West development, which could demand nearly $10 billion in capital expenditure over its life cycle. Preliminary estimates indicate significant operating cost requirements linked to deep-water drilling and subsea tie-backs. A final investment decision is anticipated by mid-2026, contingent on successful negotiations over fiscal terms and local content commitments.

Shell’s Integrated Gas division has narrowed its production outlook to 930,000–970,000 barrels of oil equivalent per day for the fourth quarter, compared with the prior range of 920,000–980,000 barrels. LNG liquefaction volumes guidance was also adjusted to 7.5–7.9 million metric tons, tightening the previous 7.4–8.0 million ton outlook. These revisions reflect operational performance trends across major projects, including those in Nigeria, and factor in planned maintenance schedules and throughput optimization initiatives.