News Investigators/ Nigeria has secured fresh $2 billion investment from Shell, following a Final Investment Decision (FID) on new offshore gas project in the HI Field (OML 144).
Presidential Spokesperson, Bayo Onanuga, announced the development in a statement on Tuesday in Abuja.
He stated that President Bola Tinubu commended the investment as a major boost to Nigeria’s revitalised oil and gas sector.
The Non-Associated Gas (NAG) project will deliver about 350 million standard cubic feet of gas per day, starting in 2028.
The volume equals nearly one-third of the gas needed for Nigeria LNG Limited’s Train 7 expansion.
According to Onanuga, total investment from FIDs in Nigeria’s oil and gas sector has now reached $8 billion under Tinubu’s administration.
He added that “the announcement brings total significant upstream investment commitments through Final Investment Decisions (FIDs) in Nigeria’s oil and gas sector to over eight billion U.S. dollars since President Tinubu assumed office in 2023.
”This underscores the success of his reform agenda and the renewed confidence of global investors.”
The Shell-led HI project is Nigeria’s third major FID in 18 months, after the Ubeta NAG and Bonga North deepwater projects.
”This investment decision is Nigeria’s third major oil and gas FID in the last 18 months, following the Ubeta Non-Associated Gas project and the Bonga North deepwater project.
”It marks yet another milestone in Nigeria’s journey to unlock its abundant gas resources for domestic and export use. The Ubeta and HI gas projects can supply up to 15 per cent of NLNG’s total feedgas requirements, covering Trains 1 to 7.”
Mr Onanuga highlighted bold reforms initiated by President Tinubu since 2024 to attract investments and streamline operations.
He explained that “these reforms, now embedded in legislation, have restored investors’ confidence and repositioned Nigeria as a competitive investment destination.
”The three landmark FIDs—the HI and Ubeta gas projects, and Bonga North deepwater— represent blueprint projects selected and unlocked by the Federal Government to drive the implementation of the presidential directives.
”Specifically, the development of the HI gas field discovered four decades ago in 1985—is being enabled by Presidential Directive 40, which introduced a competitive fiscal framework for Non-Associated Gas in onshore and shallow offshore fields.”
Special Adviser to the President on Energy, Olu Verheijen, said the FIDs will solidify Nigeria’s gas supply and export capacity.
He said “these projects will significantly strengthen the reliability of Nigeria’s LNG exports to global markets, while expanding LPG supply for domestic use, reducing imports, boosting foreign exchange earnings and advancing clean cooking access for millions of Nigerian households.
“This is only the beginning; more FIDs are on the horizon, proving that with the right policies in place, investment and impact follow.”
Shell’s Upstream President, Peter Costello, reaffirmed the company’s commitment to Nigeria’s energy future.
He said that following recent investment decisions related to the Bonga deep-water development, “today’s announcement demonstrates our continued commitment to Nigeria’s energy sector, with focus on Deepwater and Integrated Gas.
”This Upstream project will help Shell grow our leading Integrated Gas portfolio, while supporting Nigeria’s plans to become a more significant player in the global LNG market.”
Tinubu then reiterated his administration’s readiness to support investors through policy stability and reform-driven growth.
”This major FID announcement by Shell, their second in one year, is a clear validation of our wide-ranging reform efforts and a signal to the world that Nigeria is fully open for business and investment,” Tinubu added.
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