NNPC Seeks Investors to Revive Dormant LNG Projects
The Nigerian National Petroleum Company Limited (NNPC) has launched a bid to revive the stalled Brass and Olokola Liquefied Natural Gas (LNG) projects, a move aimed at maximizing the country’s abundant gas resources for economic growth and prosperity.
According to NNPC’s Chief Financial Officer, Umar Ajiya, the company is currently in discussions with potential investors to revitalize the two LNG projects, which have the potential to generate significant economic benefits, including job creation, power generation, revenue generation, and economic diversification.
The Brass LNG and Olokola LNG projects were initially put on hold due to unfavorable market conditions and slow decision-making by previous administrations. However, with the current administration’s commitment to driving new projects in the industry, NNPC is optimistic about the prospects of reviving the projects.
Ajiya attributed the previous delays to the drop in gas prices, which made it difficult for investors to justify the high capital expenditure required to develop the projects. He also acknowledged that slow decision-making by political leaders contributed to the stagnation of the projects.
“We are a commercially driven company that recognizes the importance of timely project development and execution,” Ajiya said. “With abundant gas resources available globally, we believe that it is essential for Nigeria to make smart decisions to bring in partners and revive these projects.”
NNPC’s efforts to revive the LNG projects are part of its broader strategy to promote the country’s energy sector and drive economic growth. The company is also commending President Bola Tinubu for his support in driving new projects in the industry through the Presidential Executive Orders on Oil & Gas Reforms.
The company is also benefiting from the Petroleum Industry Act, 2021, which has provided fiscal incentives for investors and created an enabling environment that has rekindled hope in the energy sector.
In related news, NNPC is attending the 2024 Gas Technology Conference and Exhibition (Gastech) in Houston, Texas, where industry experts will share knowledge and insights on how to decarbonize operations and promote sustainable energy solutions.
Gastech is a premier forum dedicated to delivering a more sustainable energy future by bringing together experts who brainstorm to create pathways towards global energy security for lasting climate impact. NNPC sees the conference as an opportunity to learn new technologies and promote its abundant LNG resources to the global market.
Join our Channel...