Tinubu finalizes Shell’s $2 billion offshore gas deal.
President Bola Tinubu has secured a $2 billion offshore gas project from Shell for the development of the HI Field OML 144, marking a major boost for Nigeria’s energy sector. The project, set to deliver about 350 million standard cubic feet of gas per day from 2028, represents nearly a third of the feedstock required for NLNG’s Train 7. According to presidential adviser Bayo Onanuga, this investment brings total upstream commitments since Tinubu took office in 2023 to over $8 billion, with the HI, Ubeta, and Bonga North projects highlighting the renewed investor confidence in Nigeria's oil and gas sector.
The Tinubu administration has driven reforms through targeted directives that offer fiscal incentives, regulatory clarity, and faster approval processes, now backed by legislation. These changes have not only attracted global investors but also positioned Nigeria as a competitive energy hub. Special Adviser on Energy, Olu Verheijen, noted that the recent Final Investment Decisions (FIDs) will enhance LNG exports, expand domestic LPG supply, reduce imports, and support clean energy access. Shell’s Upstream President, Peter Costello, affirmed the company’s continued commitment to Nigeria, emphasizing the broader economic and energy benefits of the NLNG Train 7 expansion.
10/14/2025, 1:54:24 PM
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