Shell Nigeria Exploration and Production Company (SNEPCo), a subsidiary of Shell plc, has officially increased its stake in the OML 118 Production Sharing Contract, which includes the Bonga deep-water oil field, from 55% to 65%.

This follows Shell’s final investment decision on the Bonga North project last year and is part of the company’s strategy to expand in Nigeria’s deep-water sector. The move is expected to support steady growth in Shell’s liquids production and strengthen its overall upstream portfolio.

Under the updated ownership structure, SNEPCo holds 65%, Esso Exploration and Production Nigeria Ltd. retains 20%, and Nigerian Agip Exploration Ltd., a subsidiary of Eni, owns 15%. Nigerian Agip exercised its pre-emption rights to acquire an additional 2.5%, slightly reducing Shell’s originally planned increase.

Shell said the investment will contribute to a 1% annual growth in its combined integrated gas and upstream production through 2030, helping maintain the company’s output of 1.4 million barrels of liquids per day.

SNEPCo operates the Bonga field in partnership with Esso and Agip on behalf of the Nigerian National Petroleum Company Limited (NNPC), highlighting the continued importance of international collaborations in Nigeria’s offshore oil sector.