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 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 approved a new deep-water oil project in Nigeria (Bonga North) while seeking to exit its onshore assets in the country.

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 has taken a final investment decision on its long-delayed Bonga North project offshore Nigeria, with the a deepwater scheme due to be tied back to the 19-year-old Bonga floating production, storage and offloading vessel.

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

President Bola Ahmed Tinubu has commended Shell and its partners for taking the Final Investment Decision (FID) on the Bonga North Deep Offshore Field.