The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, says Nigeria will get additional Final Investment Decision (FID) following the latest move by Shell Nigeria to develop a new offshore project in Nigeria’s HI Field, situated within Oil Mining Lease (OML) 144, valued at $2 billion.
On Tuesday, it was reported that the FID was taken out between Shell Nigeria Exploration and Production Company (SNEPCo) and Sunlink Energies Resources Limited.
He said this development marks a significant advancement in Nigeria’s ongoing efforts to expand its energy infrastructure, boost crude oil production, and reinforce investor confidence in the nation’s oil and gas sector.
In a statement signed by Mrs Nneamaka Okafor, Special Adviser, Media and Communications to the Minister of State for Petroleum Resources (Oil), disclosed that the FID underscores the spirit of collaboration and partnership that continues to drive growth and innovation in Nigeria’s upstream oil and gas industry.
Mr Lokpobiri commended Shell’s decision as a testament to the success of the federal government’s comprehensive reforms and progressive policies in the petroleum sector.
He emphasized that these reforms are designed to restore Nigeria’s competitiveness, improve operational transparency, and stimulate sustainable growth across the value chain.
“This $2 billion investment reaffirms Nigeria’s position as a preferred destination for global energy investments,” the Minister stated. “It highlights the trust that international partners have in our government’s commitment to stability, innovation, and economic transformation.
“We are confident that this will pave the way for additional Final Investment Decisions from other investors in the near future.”
The federal government reiterated its commitment to creating an enabling environment that encourages responsible investment and ensures that such strategic initiatives yield tangible benefits for the Nigerian people through job creation, technology transfer, increased revenue generation, and sustainable energy development in line with national prosperity goals.