Nigerian President Bola Tinubu on Tuesday confirmed global energy major Shell’s 2-billion-U.S.-dollar final investment decision (FID) on a significant new offshore gas development.
The new non-associated gas development project in the HI Field in Oil Mining Lease 144, located about 50 km offshore Nigeria, will deliver about 350 million standard cubic feet of gas per day from 2028, equivalent to almost a third of the requirements of Nigeria LNG (NLNG) Limited’s Train 7 project, according to a statement issued by the Nigerian Presidency on Tuesday.
“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,” Tinubu was quoted as saying.
This investment decision is Nigeria’s third major oil and gas FID in the last 18 months, following the Ubeta Non-Associated Gas project and the Bonga North deepwater project, marking another milestone in the country’s journey to unlock its abundant gas resources for domestic and export use.
The statement also said that in addition to reinforcing Nigeria’s position in the global gas supply value chain, the NLNG Train 7 project is expected to expand domestic gas supply, support job creation, catalyze economic growth, and stimulate small and medium-scale enterprises in host communities. Enditem
Source: Xinhua
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