Nigeria has secured a $2 billion investment from Shell following a Final Investment Decision (FID) on the HI Field gas development in OML 144 — the latest in a wave of major oil and gas commitments linked to President Bola Tinubu’s reform drive.
The Presidency confirmed the deal on Tuesday through a statement by spokesperson Bayo Onanuga, who described the investment as a major milestone for the country’s energy sector.
The Non-Associated Gas (NAG) project will supply an estimated 350 million standard cubic feet of gas per day by 2028, equivalent to roughly one-third of the feedstock needed for the Nigeria LNG Limited’s Train 7 expansion.
With this announcement, total upstream investment commitments in Nigeria have reached over $8 billion since 2023, according to Onanuga. He said the figure reflects renewed investor confidence stemming from Tinubu’s legislative and fiscal reforms aimed at attracting global capital.
The HI project — Shell’s second major FID in Nigeria within a year — follows the Ubeta NAG and Bonga North deepwater projects. Collectively, these three ventures are expected to deliver up to 15 per cent of NLNG’s total gas feedstock.
Special Adviser to the President on Energy, Olu Verheijen, said the projects would “significantly strengthen the reliability of Nigeria’s LNG exports” and “expand LPG supply for domestic consumption,” boosting foreign exchange earnings and clean energy access.
Shell Upstream President Peter Costello said the decision reinforces the company’s long-term commitment to Nigeria’s energy future. “This project supports Nigeria’s ambitions to become a more significant player in the global LNG market,” he said.
Tinubu hailed the $2 billion investment as further proof that his government’s economic and energy policies are working. “This major FID announcement by Shell is a clear validation of our reform efforts and a signal to the world that Nigeria is fully open for business,” he said.
The HI gas field, first discovered in 1985, is being developed under Presidential Directive 40, which introduced a new competitive fiscal framework for Non-Associated Gas projects in onshore and shallow offshore zones.
