Shell Petroleum Development Company has signaled its intent to invest as much as $20 billion in Nigeria’s oil and gas sector over the coming years. This announcement follows a period in which Shell and its partners have already deployed nearly $7 billion into Nigerian upstream developments over the past 13 months, underscoring the company’s strategic focus on deepening its presence in West Africa’s largest oil producer.

In late 2025, Shell reached a final investment decision on the Bonga North deepwater development with an estimated capital outlay of $5 billion. Shortly afterward, the company approved an additional $2 billion for the HI/Feed shallow-water gas project offshore Nigeria. Together, these two schemes are designed to add up to 350 million standard cubic feet of gas per day—equivalent to roughly 60,000 barrels of oil equivalent—at peak production, reinforcing Shell’s integrated gas portfolio.

Shell is currently in advanced talks regarding the Bonga South-West project, which could entail nearly $10 billion in initial capital expenditure plus substantial operating costs over its expected multi-decade lifecycle. Industry sources indicate these negotiations involve both equity partners and host-government stakeholders, with focus areas including fiscal terms, local content commitments and project execution timelines.

Concurrently with its Nigerian commitments, Shell has tightened its Q4 outlook for integrated gas production to a range of 930,000–970,000 barrels of oil equivalent per day, narrowing its prior range by 10,000 barrels. The LNG liquefaction volume forecast was also adjusted to between 7.5 million and 7.9 million metric tons for the full year, reflecting a more conservative view on global LNG demand growth and shipping constraints.