Shell Bolsters Investment in Nigeria’s Bonga Deepwater Field with Increased Stake

 Shell Nigeria Exploration and Production Company Limited announced on June 30, 2025, plans to increase its stake in the Bonga Deepwater Field, Nigeria’s first deepwater project, to enhance its 55% ownership in the $10 billion asset. 

The field, operational since 2005, produces 225,000 barrels of oil daily, contributing 10% to Nigeria’s 2.4 million bpd output. Shell’s move follows NNPC Limited’s approval to transfer a 10% stake from exiting partners, boosting Nigeria’s $50 billion oil revenue target for 2025.

The expansion, requiring $2 billion in capital, aims to extend Bonga’s lifespan to 2040, leveraging its 1 billion-barrel reserve. Shell’s Managing Director, Ronald Adams, cited Nigeria’s improved fiscal policies under Tinubu, which cut royalties by 5%, as a catalyst. 

The project will create 5,000 jobs and increase gas supply by 20% to Nigeria’s 8,000 MW power grid. Environmental groups, noting Bonga’s 2011 spill of 40,000 barrels, demand stricter oversight, while 60% of X posts support the economic benefits. Shell plans a Q4 2025 drilling campaign, targeting a 15% production hike.

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