Shell and ExxonMobil are committing billions of dollars to Nigeria's deepwater oil projects, signaling a revival of offshore investment. Shell has taken a final investment decision on Bonga North, expected to reach peak production of 110,000 barrels per day by the end of the decade, and is pursuing Bonga South West with government incentives. ExxonMobil is advancing plans for Usan, Owowo and Bosi, with potential investments running into the tens of billions of dollars. The moves mark a shift from the past decade's divestments from onshore and shallow-water assets toward larger, more secure offshore developments under improved fiscal terms.
Shell plcShell has taken FID on Bonga North and is pursuing Bonga South West, boosting future output.
Exxon Mobil CorpExxonMobil is advancing deepwater projects in Nigeria, representing new production and revenue.