Nigeria Secures $2 Billion Shell Gas Investment, Boosting Energy Sector Confidence

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Nigeria has secured another major gas investment as Shell announced a $2 billion Final Investment Decision (FID) on the HI Field offshore gas project, marking the country’s second major gas investment in 18 months under President Bola Tinubu’s administration.


The new Non-Associated Gas (NAG) project, located in OML 144, is expected to deliver 350 million standard cubic feet of gas per day from 2028, nearly a third of the feedgas requirements for the Nigeria LNG Train 7 project.


According to a statement from the State House, the new project raises the total of significant upstream oil and gas investment commitments to over $8 billion since 2023, a development the presidency described as “a signal of renewed global investor confidence” in Nigeria’s reform agenda.


The project follows the Ubeta Non-Associated Gas and Bonga North deepwater projects, making it the third major oil and gas FID in the last 18 months. Together, the HI and Ubeta gas fields could supply up to 15 percent of NLNG’s total feedgas needs.


Special Adviser to the President on Energy, Olu Arowolo Verheijen, said the new investment would “strengthen the reliability of Nigeria’s LNG exports, expand LPG supply for domestic use, and advance clean cooking access for millions of households.”


Shell’s Upstream President, Peter Costello, said the project reinforces the company’s commitment to Nigeria’s energy future, adding that it would support the country’s ambition to become a significant global LNG player.


President Tinubu, welcoming the development, said Shell’s decision “is a clear validation of our wide-ranging reform efforts and a signal to the world that Nigeria is fully open for business.”

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