Shell

Shell has operated in Nigeria since 1937, making it the country's longest-established international energy company. Its current operations are carried out through Shell Nigeria Exploration and Production Company (SNEPCo), which conducts deepwater exploration and production, Shell Nigeria Gas, the country's dedicated industrial gas distribution business, and a 25.6% shareholding in Nigeria LNG Limited. On 13 March 2025, Shell completed the sale of its onshore subsidiary, Shell Petroleum Development Company of Nigeria, to Renaissance Africa Energy Company, a consortium of Nigerian and international investors, ending Shell's direct role in onshore oil production in the Niger Delta after close to ninety years. A series of investigative reports published from mid-2026, citing internal Shell documents including a 2014 internal estimate of $10.9 billion in potential onshore decommissioning liabilities, raised questions about the extent those liabilities factored into the divestment; Shell disputes that liability avoidance was a primary motive and says the sale followed technical and financial due diligence with government approval.

SNEPCo operates the Bonga field under OML 118, Nigeria's first major deepwater development, in production since 2005 and having surpassed one billion barrels of cumulative crude output in 2023. Shell has continued investing in this position following the onshore divestment: a Final Investment Decision on the Bonga North project was taken in December 2024, targeting peak production of up to 110,000 barrels of oil per day, and in 2025 SNEPCo increased its stake in OML 118 from 55% to 67.5% by acquiring TotalEnergies' interest. In August 2026 Shell and its co-venturers signed updated production-sharing terms for the Bonga South West/Aparo project, estimated at $15-21 billion in total investment, with a Final Investment Decision still pending. Shell reports cumulative upstream investment commitments in Nigeria of more than $8 billion since 2023.

Shell has described the divestment of its onshore business as part of a broader portfolio realignment toward deepwater and integrated gas assets, consistent with divestment activity by other international majors operating in Nigeria over the same period, including ExxonMobil, Eni, and TotalEnergies. Its 25.6% interest in Nigeria LNG remains a core part of its Nigerian portfolio, alongside continued operation of Shell Nigeria Gas, which supplies natural gas to industrial customers; a 2026 tax remission order for deep offshore projects has been cited by industry analysts as a further factor supporting continued deepwater investment even as onshore divestment activity continues industry-wide.