{"id":15007,"date":"2026-01-23T12:57:33","date_gmt":"2026-01-23T12:57:33","guid":{"rendered":"https:\/\/microvibenews.com\/?p=15007"},"modified":"2026-01-23T12:57:33","modified_gmt":"2026-01-23T12:57:33","slug":"shell-partners-study-potential-20bn-nigeria-oil-project","status":"publish","type":"post","link":"https:\/\/microvibenews.com\/?p=15007","title":{"rendered":"Shell, partners study potential $20bn Nigeria oil project"},"content":{"rendered":"

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Shell Plc and its partners in Nigeria are exploring how to develop a big oil field in the West African nation, a step that could one day see them invest $20 billion in the project, the oil major\u2019s Chief Executive Officer said.<\/p>\n

\u201cWe are indeed working on a project, Bonga South West, that could potentially, if we get to an FID stage, with the partners, invest around $20 billion foreign direct investment,\u201d Shell Chief Executive Officer Wael Sawan said in a video shared by the country\u2019s presidency. He said that it would be among the biggest energy projects in the world, adding that there are other investment opportunities in the country.<\/p>\n

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We are very keen to invest in Nigeria. But I\u2019ll say this hasn\u2019t always been the case. Your leadership has created an investment climate over the last few years that has propelled Shell to invest in Nigeria.<\/p>\n

\u2013 Shell GCEO, Wael Sawan, tells President Tinubu as he announces plans\u2026 pic.twitter.com\/eIIQ6pb9th<\/a><\/p>\n

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\u2014 Nigerian Affairs Journal (@NigAffairs) January 22, 2026<\/a><\/p>\n<\/blockquote>\n<\/div>\n

Bonga South West, located in deepwater in Nigeria\u2019s oil producing Niger Delta, is estimated to have 820 million barrels of reserves with a potential peak production capacity 220 000 barrels a day. Of the $20 billion, half would be capital, and the other half operating expenses and other expenditures that would go into the country, Sawan said in the video.<\/p>\n

Besides Shell, which has the biggest stake in the field, the other partners are ExxonMobil Corp, TotalEnergies SE, Eni SpA and state-owned Nigerian National Petroleum Co.<\/p>\n

Many of the world\u2019s biggest oil companies focusing hard on capital discipline against a backdrop of lackluster oil prices, something that might work against making big new investments. At the same time, petroleum supply in future years looks less certain, creating a need for new sources of barrels.<\/p>\n

\u201cOur CEO Wael Sawan discussed various projects with President Tinubu, including Bonga South West, that could see us and partners potentially make future investment decisions,\u201d a spokesperson for the major said by email on Friday. \u201cWe will continue to invest in our upstream business in a disciplined way, where the right opportunities arise.\u201d<\/p>\n

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Shell paid $5.34 billion in taxes and other charges to Nigeria in 2024, more than to any other country. Its payments increased from the previous year and came as the oil and gas giant is on the verge of leaving Nigeria\u2019s onshore production business after many decades of controversial operations.<\/p>\n

Exiting onshore production in the Niger Delta \u2014 among Shell\u2019s most emissions-intensive operations where the company is accused of causing widespread environmental pollution \u2014 is part of its effort to simplify its portfolio and \u201cbecome a net-zero energy business by 2050,\u201d the company has previously said.<\/p>\n

Sawan said incremental incentives approved by Nigeria\u2019s president have allowed Shell to get \u201cline of sight to an investment in this project.\u201d He assured that Shell will start the \u201cpre-FID\u201d on the project \u201clooking over the next few months when we can take it to FID.\u201d<\/p>\n

\u00a9 2026 Bloomberg<\/p>\n

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