Tinubu Hails Shell’s $2 Billion Offshore Gas Investment
President Bola Tinubu has welcomed the $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.
When completed, the project is expected to deliver about 350 million standard cubic feet of gas per day from 2028—roughly a third of the gas requirements for Nigeria LNG Limited’s Train 7 project.
According to a statement by Special Adviser on Information and Strategy Bayo Onanuga, the project raises total upstream investment commitments through final investment decisions in Nigeria’s oil and gas sector to more than $8 billion since Tinubu took office in 2023.
The new investment is the third major oil and gas project approved in the last 18 months, following the Ubeta Non-Associated Gas and Bonga North deepwater projects.
“These three initiatives represent key steps in unlocking Nigeria’s abundant gas resources for both domestic and export use,” Onanuga said.
Since 2024, Tinubu has implemented targeted reforms led by the Office of the Special Adviser on Energy to improve fiscal incentives, streamline approvals, and reduce contracting costs.
Special Adviser on Energy Olu Arowolo Verheijen said the projects reflect the success of the administration’s energy sector 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,” Verheijen said. “These projects will strengthen the reliability of Nigeria’s LNG exports, expand domestic LPG supply, reduce imports, and promote clean cooking access for millions of households.”
Shell Upstream President Peter Costello said the company remains committed to Nigeria’s energy future.
“Following recent investment decisions related to the Bonga deepwater development, today’s announcement demonstrates our continued commitment to Nigeria’s energy sector, with a focus on deepwater and integrated gas,” he said.
Tinubu reaffirmed his administration’s commitment to creating a business-friendly environment.
“This major FID announcement by Shell, their second in one year, is a clear validation of our wide-ranging reform efforts and a signal to the world that Nigeria is fully open for business and investment,” he said.