Shell (SHEL) and its partners are exploring to invest $20 billion as foreign direct investment in Nigeria's Bonga South West oil project, Shell Group Chief Executive Wael Sawan said in a video briefing shared by Nigeria's presidency Thursday.

The energy giant has invested $7 billion in the last 12 months in Nigeria, Sawan said, adding that he thinks "that is not enough" and there is more to invest in the country.

"We are indeed working on a project, Bonga South West, that could potentially, if we get to an FID stage, with the partners, invest around $20 billion foreign direct investment," according to the CEO.

The $20 billion investment comprises of 50% of capital and 50% of operating expenses, the CEO said.

"This will be one of the biggest, I would say, energy projects in the world," Sawan said during the briefing.

The other partners include Exxon Mobil (XOM), TotalEnergies (TTE), Eni (E), and state-owned Nigerian National Petroleum, Bloomberg reported Friday.

Shell shares were up 1.3% in recent Friday premarket activity.