On Monday, Shell (NYSE: SHEL) said 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, will be connected to Shell’s Floating Production Storage and Offloading (FPSO) facility, where the oil major holds a 55% stake.

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Shell said Bonga North has an estimated recoverable resource volume of more than 300 million barrels of oil equivalent (boe) and will reach peak production of 110,000 barrels of oil per day (boepd), with the first oil expected by the end of the decade.

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Jennifer Tacker is a staff writer at ABBO News. She holds a B.A. from the University of Waterloo and a B.Ed from Western University. Jennifer has been active in the stock market and crypto sector for a decade. She specializes in technical analysis and trading strategies. Read Full Bio

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