Shell has signaled its intent to deploy up to $20 billion in Nigeria’s oil and gas sector over the coming years, underlining its strategic focus on deepwater and shallow-water developments. NNPC Group CEO Bashir Ojulari confirmed that discussions on the Bonga South-West project could entail capital expenditures approaching $10 billion, supplemented by significant operating costs throughout the field’s lifecycle.

In December 2025, Shell sanctioned a final investment decision of approximately $5 billion for the Bonga North deepwater project. Shortly thereafter, the company approved an additional $2 billion for the HI/Feed shallow-water gas development offshore Nigeria. These commitments follow nearly $7 billion already invested in these assets over the past 13 months by Shell and its partners.

For the fourth quarter, Shell tightened its integrated gas production outlook to 930–970 thousand barrels of oil equivalent per day, compared with the prior 920–980 range. Concurrently, the company narrowed its global LNG liquefaction volume forecast to 7.5–7.9 million metric tons, down from an earlier projection of 7.4–8.0 million metric tons.

On the latest trading session, Shell shares rose by 1.34%, reflecting positive investor sentiment around its expanded Nigerian portfolio and updated production guidance. The increase underscores market confidence in the company’s medium-term growth prospects in high-value gas and deepwater oil assets.