Shell Greenlights Bonga North Deep-Water Project, Targeting 110,000 Bpd Output
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 16 2024
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Source: Benzinga
Bonga North Project Investment: Shell PLC's Nigerian subsidiary SNEPCo has made a final investment decision for the Bonga North deep-water project, which will involve drilling 16 wells and is expected to sustain production at the Bonga facility with peak output of 110,000 barrels of oil per day.
Strategic Alignment and Market Impact: The development is projected to exceed Shell's Upstream business hurdle rate, aligning with its strategy for performance through technical expertise and near-field opportunities, while SHEL shares are currently down 0.25% in premarket trading.
Analyst Views on NRES
Wall Street analysts forecast NRES stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for NRES is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
