Country
Nigeria
Sector
Oil & Gas
Intelligence Type
Project
Status / Stage
Development / Pre-FID
Estimated Value
USD $10,000,000,000 (capex; Shell CEO Wael Sawan has indicated up to $20 billion total investment including opex over project life)
Confidence
Confirmed
Latest Development
Project Details
Project TypeDeep Offshore Oil and Gas Development
Project OwnerShell Nigeria Exploration and Production Company (SNEPCo) — 55% operator; ExxonMobil (20%); ENI/Agip (12.5%); NNPC Limited (PSC counterparty)
Project SponsorSNEPCo (Shell)
Main ContractorNot yet awarded — FPSO EOI/tender in progress (150,000 bpd FPSO); EPC packages to follow FID
Other ContractorsSaipem, TechnipFMC — active on adjacent Bonga North; likely to compete on BSWA
Project DeveloperShell Nigeria Exploration and Production Company (SNEPCo)
Financing InstitutionProject financed by JV partners; fiscal framework established under Tax Remission Order 2026; PSC amendments via NNPC Limited
Start DatePre-FID; FPSO EOI issued January 2026
Expected CompletionFirst oil late 2020s / early 2030s (post-FID)
Current PhasePre-FID / FPSO Tender
Funding StatusPre-Commitment
Key Issues / Risks
Partner consent among co-venturers cited as a challenge to FID. Oil price dependency — $10–20 billion deepwater FID requires sustained price environment. Competition from Guyana, Namibia and Suriname for same deepwater capital. UNESCO heritage site concerns (adjacent to Bonga field area) may resurface. Local content compliance requirements under Tax Remission Order 2026 add execution complexity.
Commercial Opportunity
Engineering procurement and construction firms, subsea equipment suppliers, marine logistics operators, drilling contractors, local content service companies, and project finance advisors should be monitoring FID preparation milestones and NNPC's PSC amendment process through the remainder of 2026 and into 2027.
Stakeholder Intelligence
Key Organizations / Companies InvolvedShell plc (global CEO Wael Sawan engaged directly with President Tinubu), NNPC Limited, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Content Development and Monitoring Board (NCDMB), Federal Ministry of Petroleum Resources, Federal Ministry of Finance, Federal Ministry of Justice
Capital & Financing Intelligence
Funding / Amount CommittedNot yet committed — FID expected 2027