Shell PLC (NYSE:SHEL) shares are trading higher on Friday. NNPC Group CEO Bashir Ojulari reportedly stated that Shell Petroleum Development Company remains upbeat about committing up to $20 billion to Nigeria's oil and gas sector.
Details
Ojulari added that talks are underway on the Bonga South-West project, which could draw nearly $10 billion in capital spending, alongside substantial operating expenditure over its life cycle, as per NewsQuest.
Shell reached a roughly $5 billion final investment decision on the Bonga North project, followed by approval of an additional $2 billion for the HI/Feed shallow-water gas development.
Notably, Shell and its partners have earlier committed close to $7 billion to Nigeria over the past 13 months, primarily in the Bonga North and HI projects.
HI Gas Project In Nigeria
In October 2025, the company announced that Shell Nigeria Exploration and Production Company Limited and Sunlink Energies and Resources Limited had approved the final investment decision for the HI gas project, located offshore in Nigeria.
The development is expected to produce up to 350 million standard cubic feet of gas per day, or roughly 60,000 barrels of oil equivalent, at peak output.
Q4 Guidance Revised
This month, the oil giant tightened the guidance for production at Integrated Gas to around 930 – 970 thousand boe/d (versus the prior outlook of 920 – 980 thousand boe/d).
On the other hand, Shell revised its LNG liquefaction volumes forecast to 7.5 million to 7.9 million metric tons, down from its previous guidance of 7.4 million to 8.0 million metric tons.
SHEL Price Action: Shell shares were up 1.34% at $73.39 at the time of publication on Friday, according to Benzinga Pro data.
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