Shell Plc’s subsidiary in Nigeria will begin oil and gas production offshore at the Bonga North floating facility by the end of the decade.

Shell said on Monday its Nigerian subsidiary has announced a final investment decision (FID) on Bonga North, a deep-water project off the coast of Nigeria. The project, which will help maintain oil and gas production at Bonga,

Shell (NYSE:SHEL) said Monday it has taken a final investment decision on its long-delayed Bonga North deepwater project off the coast of Nigeria, which would make it the country's first major deepwater development to move ahead in several years.

President Bola Ahmed Tinubu has lauded the feat by Shell and its partners in securing Nigeria’s first deepwater project in over a decade, worth $5 billion. Bayo Onanuga, a presidential spokesperson, disclosed this in a statement on Monday.