The British oil and gas company Shell plc, together with the Nigerian Sunlink Energies and Resources Limited, have made the final investment decision on the HI gas project on the Nigerian shelf worth $ 2 billion. This is reported in a press release from Shell.
The project, which is part of a joint venture between Sunlink Energies (60%) and Shell Nigeria Exploration and Production Company Limited, a subsidiary of Shell plc (40%), is scheduled to be operational by 2030.
Upon completion of the project, 350 million cubic feet of gas (60,000 barrels of oil equivalent) per day will be supplied to the Nigeria LNG gas processing plant, which produces and exports LNG to global markets.
49% of the shares of the Nigeria LNG plant belong to the state oil company NNPC, while Shell is the second largest shareholder with a 25.6% stake. The remaining shares belong to TotalEnergies and Eni.
According to a Shell press release, "following the investment decisions made to develop the Bonga deepwater field, the HI project decision demonstrates Shell's commitment to the Nigerian energy sector, with a particular focus on deepwater gas field development, in line with Shell's plans to increase global LNG production by 4-5% per year until 2030."
The project will increase the supply of raw materials to NLNG for the Nigeria LNG Train 7 project, aimed at expanding the production capacity of the Bonny Island terminal and strengthening Nigeria's position in the global LNG market.
The HI deposit was discovered in 1985 and lies at a depth of 100 m, 50 km from the coast. The estimated resources of the HI project amount to 285 million barrels per year.
Shell plc is a British multinational oil and gas company with headquarters in London (England). Shell shares are listed on the London Stock Exchange (LSE), Euronext in Amsterdam and the New York Stock Exchange.
Sunlink Energies is a Nigerian oil and gas company with headquarters in Abuja, Nigeria.
