President Bola Tinubu has secured a fresh $2 billion investment from Shell following the company’s Final Investment Decision on a new offshore gas project in the HI Field, located within OML 144.
According to a statement from the presidency, the Non-Associated Gas project will deliver about 350 million standard cubic feet of gas per day by 2028, enough to supply nearly one-third of the gas requirements for the Nigeria LNG Limited Train 7 project.
This latest deal pushes total upstream oil and gas investments attracted under Tinubu’s administration to over $8 billion within just 18 months, a milestone the presidency attributes to renewed investor confidence inspired by the government’s economic and energy sector reforms.
The announcement marks Nigeria’s third major oil and gas Final Investment Decision in less than two years, following the Ubeta Gas and Bonga North deepwater projects. Combined, the HI and Ubeta projects are expected to contribute up to 15 percent of the total feedgas needed for NLNG’s operations.
Energy reforms spearheaded by the Office of the Special Adviser to the President on Energy have introduced fresh fiscal incentives, reduced contracting timelines, and improved regulatory clarity, restoring Nigeria’s competitiveness in the global gas market.
Presidential Energy Adviser Olu Arowolo Verheijen described the new FID as a major step toward strengthening Nigeria’s LNG exports, boosting foreign exchange inflows, and expanding domestic LPG supply for cleaner cooking.
Shell’s Upstream President, Peter Costello, reaffirmed the company’s long-term commitment to Nigeria’s energy development, saying the HI Field project would not only drive global LNG growth but also deepen local energy access and sustainability.
With feedgas now secured from the HI and Ubeta fields, the NLNG Train 7 project will expand production capacity by 8 million metric tonnes annually, creating jobs and driving economic activity nationwide.
President Tinubu reiterated his commitment to sustaining investor confidence and advancing Nigeria’s ambition to become a leading global hub for natural gas production and exports.
