The Federal Government has described Shell Nigeria’s $2 billion Final Investment Decision (FID) for a new offshore project as a major vote of confidence in Nigeria’s oil and gas industry and a validation of ongoing reforms in the sector.
The investment, announced by Shell Nigeria Exploration and Production Company (SNEPCo) in partnership with Sunlink Energies Resources Limited, will fund the development of the HI Field located in Oil Mining Lease (OML) 144, about 50 kilometers offshore.
According to a statement from the office of the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, signed by Special Adviser, Media and Communications, Nneamaka Okafor, the FID represents a significant milestone in the Federal Government’s efforts to strengthen energy security, attract foreign investment, and boost oil production.
Senator Lokpobiri noted that the move by Shell underscores the growing investor confidence spurred by the government’s bold reforms and transparent regulatory environment.
“This $2 billion investment reaffirms Nigeria’s position as a preferred destination for energy investment and highlights the value of collaboration between government and industry,” he said. “We anticipate more Final Investment Decisions from other investors in the coming months as confidence in our sector continues to grow.”
The Minister reiterated the government’s commitment to maintaining an enabling environment for investment and ensuring that the benefits of such strategic partnerships translate into national prosperity, job creation, and sustainable energy development.
