Shell Approves Final Investment Decision for Bonga North Deep-Water Project

Shell’s Nigerian subsidiary has announced a final investment decision (FID) on the Bonga North deep-water project, marking a significant step toward boosting Nigeria’s oil and gas production. The project will be linked to Shell’s Floating Production Storage and Offloading (FPSO) facility, where the oil major holds a 55% stake.

The Bonga North project is expected to help maintain production at the Bonga oil field, one of Nigeria’s key offshore energy assets. According to Shell, the project has an estimated recoverable resource volume of over 300 million barrels of oil equivalent (boe). Once operational, it is projected to reach peak production of 110,000 barrels of oil per day (boepd), with first oil expected by the end of the decade.

This development underscores Shell’s commitment to sustaining its operations in Nigeria amid shifting global energy dynamics. The Bonga North project is seen as a crucial element of Nigeria’s strategy to enhance offshore production and stabilize its oil exports.