{"id":41927,"date":"2026-01-23T21:43:05","date_gmt":"2026-01-23T21:43:05","guid":{"rendered":"https:\/\/www.europesays.com\/africa\/41927\/"},"modified":"2026-01-23T21:43:05","modified_gmt":"2026-01-23T21:43:05","slug":"nigeria-shell-tout-progress-on-potential-20-billion-bonga-south-west-oilfield","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/africa\/41927\/","title":{"rendered":"Nigeria, Shell tout progress on potential $20 billion Bonga South West oilfield"},"content":{"rendered":"

Shell CEO sees possible investment decision in 2027Project capital, operational spending could reach $20 bln-Shell CEOOther Bonga owners are Exxon, ENICAPE TOWN, Jan 23 (Reuters) – Nigerian President Bola Tinubu has approved “investment-linked” incentives for Shell’s (SHEL.L), opens new tab<\/a> Bonga South West deepwater oilfield following a meeting with the company’s CEO Wael Sawan, who flagged a possible green light for the $20 billion project in 2027.<\/p>\n

The proposed incentives are the latest in a raft of regulatory reforms in Africa’s top crude oil producer as it looks to attract investment to boost oil and gas production.<\/p>\n

Sign up here.<\/a><\/p>\n

“These incentives are not blanket concessions,” Tinubu said in a statement late on Thursday.<\/p>\n

He said the incentives will be ring-fenced and focused on new capital, incremental production and strong local content delivery. His office did not give further details on what form they would take.<\/p>\n

“My expectation is clear: Bonga South West must reach a final investment decision within the first term of this administration,” Tinubu added.<\/p>\n

INVESTMENT DECISION LIKELY IN 2027<\/p>\n

Shell’s Sawan said he hoped to take Bonga South West to a final investment decision in 2027, which could mean around $20 billion in investments from Shell and its partners, according to a video shared on LinkedIn by the president’s special energy adviser, Olu Arowolo Verheijen.<\/p>\n

Half of that would be capital and the other half would come from operating expenses and other spending, Sawan said, adding Shell was also interested in Nigeria’s exploration license round.<\/p>\n

In the past 12 months Shell had invested $5 billion in Bonga North and $2 billion in the HI gas project feeding into Nigeria LNG, Sawan said.<\/p>\n

Shell took a final investment decision on the Bonga North development in 2024<\/a> as it sought to maintain output at its linked Bonga floating production, storage and offloading facility.Last year Shell acquired a stake<\/a> from TotalEnergies (TTEF.PA), opens new tab<\/a> that raised its share in the Bonga oilfield to 65%, underlining its continued interest in offshore Nigeria production after it sold its onshore assets. Other shareholders of Bonga include units of Exxon Mobil (XOM.N), opens new tab<\/a> and ENI (ENI.MI), opens new tab<\/a>.<\/p>\n

Reporting by Wendell Roelf; Additional reporting by Shadia Nasralla in London; Editing by Alexander Winning, Ronojoy Mazumdar, Jan Harvey and Susan Fenton<\/p>\n

Our Standards: The Thomson Reuters Trust Principles., opens new tab<\/a><\/p>\n

Purchase Licensing Rights<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Shell CEO sees possible investment decision in 2027Project capital, operational spending could reach $20 bln-Shell CEOOther Bonga owners…\n","protected":false},"author":2,"featured_media":41928,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[45],"tags":[488,685,3150,686,1762,1597,4019,1591,1763,1783,698,710,703,702,707,701,709,704,700,708,706,713,1775,715,495,1786,1784,1852,2001,1788,1782,699,711,6610,1586,491,493,1592,1598,1593,1594,1397,1771,1768,714,3151,1769,1395,690,691,3153,3154,1589,2742,122,1595,1596,1765,1772,695,1766,20991,1761,1779,1770,1590,1776,2741,1396,11568],"class_list":["post-41927","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria","tag-afr","tag-bact","tag-bisv","tag-biz","tag-cmpny","tag-com","tag-cprod","tag-cru","tag-deal1","tag-destabn","tag-destabx","tag-destafn","tag-destbnx","tag-destc","tag-destdnp","tag-deste","tag-destfun","tag-destgro","tag-destm","tag-destmtl","tag-desto","tag-destoil","tag-destousnrg","tag-destozabsm","tag-destozatpm","tag-destpen","tag-destpsc","tag-destptd","tag-destrast","tag-destrbn","tag-destrnp","tag-destsof","tag-destucdptest","tag-destuki","tag-eco","tag-emea","tag-emrg","tag-ener","tag-enff","tag-eng","tag-enr","tag-europ","tag-expro","tag-ezc","tag-fin","tag-fins","tag-fr","tag-gb","tag-gen","tag-gfin","tag-invbis","tag-invm","tag-mce","tag-ng","tag-nigeria","tag-nrg","tag-oilg","tag-oili","tag-oiloff","tag-pol","tag-publ","tag-pve","tag-repiexploration-production","tag-topcmb","tag-topicenergy-oil-gas","tag-topicmarkets-commodities-energy","tag-topnws","tag-wafr","tag-weu","tag-xpand"],"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/posts\/41927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/comments?post=41927"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/posts\/41927\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/media\/41928"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/media?parent=41927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/categories?post=41927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/africa\/wp-json\/wp\/v2\/tags?post=41927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}