Shell has approved the Bonga North project, expected to unlock 350 million barrels of oil from Nigeria’s offshore reserves.
The project will extend the life of the Bonga FPSO by 15 years, with first oil expected by the decade’s end.
Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell plc, has made the final investment decision (FID) to proceed with the Bonga North deep-water project off the coast of Nigeria.
As a result, the project will unlock approximately 350 million barrels of oil equivalent from Nigeria’s offshore reserves and extend the life of the Shell-operated Bonga Floating Production, Storage, and Offloading (FPSO) vessel by 15 years.
Moreover, Bonga North will tie back subsea to the FPSO, in which Shell holds a 55 per cent interest.
Read Also; CBN Fines Banks ₦150m For Facilitating Currency Hawking
The development will include drilling 16 wells—eight production and eight water injection—modifying the FPSO, and installing new subsea infrastructure.
With over 300 million barrels of recoverable resources, the project is expected to reach peak production of 110,000 barrels of oil per day, with first oil anticipated by the end of the decade.
“This is another significant investment, which will help us maintain stable liquids production from our advantaged Upstream portfolio,” said Shell’s Integrated Gas and Upstream Director, Zoë Yujnovich.
Consequently, the Bonga North project will secure cash generation for Shell’s Integrated Gas and Upstream business into the next decade, strengthening its position in the global energy market.
