Shell has announced a major investment in Nigeria's Bonga North oilfield, with the potential for 300 million barrels, saying the project will provide more cash.

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 (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.

Shell Nigeria Exploration and Production Co. Ltd. (SNEPCo) has reached a final investment decision (FID) on the Bonga North development. The company said in a media release this deepwater project off the coast of Nigeria will be a subsea tie-back to the Shell-operated Bonga floating storage and offloading (FPSO) facility.

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.

Shell Nigeria Exploration and Production Company Limited (SNEPCo) has made a final investment decision (FID) on the Bonga North deep-water

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.