Shell Boosts Nigerian Oil Production with Bonga Field Investment

Shell Boosts Nigerian Oil Production: Acquires Additional Stake in Bonga FieldShell has expanded its ownership in the Bonga oil field, Nigerias first deep-water development, by acquiring an additional ten percent stake. This move aligns with Shells strategy to focus on profitable, existing assets and increase its oil production. The company now operates the field with a sixty-five percent stake, aiming to grow its gas and oil production by one percent annually until 2030 and reach a daily production of one-point-four million barrels. This increased investment is crucial for Nigerias national oil production and could potentially reverse the decline in offshore production, given improvements in the countrys financial and regulatory environment.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.