Tinubu hails shell’s $2 billion offshore gas project, says investment validates Nigeria’s reforms
President Bola Tinubu has welcomed a new $2 billion Non-Associated Gas (NAG) development project by Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell plc, in partnership with Sunlink Energies and Resources Limited.
According to a statement released on Tuesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the project will deliver about 350 million standard cubic feet of gas per day (mmscf/d) by 2028—equivalent to one-third of the gas requirements of Nigeria LNG Limited’s Train 7 project.
The latest investment brings the total value of Final Investment Decisions (FIDs) in Nigeria’s oil and gas sector to over $8 billion since President Tinubu assumed office in 2023. It also marks the country’s third major oil and gas FID in the last 18 months, following the Ubeta Non-Associated Gas and Bonga North Deepwater projects.
“These three projects are crucial to unlocking Nigeria’s abundant gas resources for both domestic consumption and export,” Onanuga said.
Under President Tinubu’s energy reform agenda—coordinated by the Office of the Special Adviser on Energy—the government has introduced fiscal incentives, regulatory clarity, and simplified approval processes, cutting contracting costs and shortening approval timelines.
Read also:President Tinubu pledges support to UTM gas project
The Special Adviser on Energy, Olu Arowolo Verheijen, said the projects reflect the effectiveness of the administration’s policies.
“With the Ubeta FID and now the HI FID, we have secured the gas supply needed to make NLNG Train 7 not just possible but transformative,” she stated.
She added that the developments would enhance the reliability of Nigeria’s LNG exports, boost foreign exchange earnings, expand LPG supply for domestic use, and advance clean cooking access for millions of Nigerians.
Shell’s Upstream President, Peter Costello, reaffirmed the company’s commitment to Nigeria’s energy sector, saying:
“Following recent investment decisions on the Bonga deep-water development, today’s announcement demonstrates our continued focus on Deepwater and Integrated Gas opportunities in Nigeria.”
President Tinubu described the project as a vote of confidence in Nigeria’s reform efforts, adding that it reflects growing investor trust.
“This major FID announcement by Shell—their second in one year—validates our wide-ranging reforms and sends a clear signal to the world that Nigeria is fully open for business and investment,” Tinubu said.
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