Shell has greenlighted approximately $5 billion in capital expenditure for the Bonga North deep-water development offshore Nigeria. The project, operated by Shell Nigeria Exploration and Production Company Limited, targets production startup in 2029 and is designed to tap reservoirs estimated to contain 650 million barrels of recoverable oil. At peak output, Bonga North is expected to contribute up to 120,000 barrels of oil per day into the Trans Niger Pipeline system.

In addition to its deep-water commitment, Shell has finalized a $2 billion investment decision for the HI/Feed shallow-water gas project, located some 50 kilometers southwest of Lagos. The development entails subsea tie-backs to existing infrastructure and will deliver up to 350 million standard cubic feet of gas per day—equivalent to roughly 60,000 barrels of oil equivalent—at peak production. Start-up is scheduled for late 2027, aligning with Nigeria’s National Gas Expansion Programme.

Shell and the Nigerian National Petroleum Company are in advanced negotiations over Bonga South-West, a follow-on deep-water development that may require nearly $10 billion in capital expenditure and substantial operating costs over its expected 25-year life. Preliminary field studies indicate could hold in excess of 800 million barrels of oil equivalent in combined hydrocarbon reserves, with a targeted production plateau above 100,000 barrels per day.

Over the last 13 months, Shell and its partners have committed close to $7 billion to Nigerian upstream ventures, focusing on both gas and oil expansions. This includes sanctioning phases of Bonga North and HI/Feed, as well as appraisal work on marginal onshore fields. The latest approvals underscore Shell’s intention to deploy up to $20 billion in Nigeria through 2035, reinforcing the country’s strategic role within its global integrated gas portfolio.