Nigeria has attracted a $2 billion investment from Shell to develop a new offshore gas project in the HI Field, OML 144, marking another milestone in the country’s drive to boost gas production and exports.
The announcement was made in a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, on Tuesday, October 14. It comes as part of over $8 billion in oil and gas investments secured since President Bola Ahmed Tinubu took office in 2023.
According to the statement, the offshore gas project will produce about 350 million standard cubic feet of gas per day from 2028, providing nearly one-third of the feedgas required for Nigeria LNG’s Train 7 project.
This Final Investment Decision (FID) follows the Ubeta and Bonga North projects, bringing to three the major oil and gas developments approved under Tinubu’s administration. Together, the HI and Ubeta projects are expected to supply up to 15 percent of the feedgas needed for NLNG’s Trains 1 to 7.
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Olu Arowolo Verheijen, Special Adviser to the President on Energy, said the projects would boost gas exports, expand LPG supply for local use, and strengthen Nigeria’s foreign exchange earnings.
Shell’s Upstream President, Peter Costello, added that the investment highlights Shell’s continued commitment to Nigeria’s energy sector and supports the country’s ambition to play a stronger role in the global LNG market.
President Tinubu welcomed the announcement, describing it as proof of renewed investor confidence and a clear sign that Nigeria is open for business and investment.