In a renewed push to harness Nigeria’s abundant gas resources, NNPC Ltd. has reopened discussions with investors to revive the stalled Brass and Olokola Liquefied Natural Gas (LNG) projects.
In a statement, Chief Corporate Communications Officer, NNPC Ltd. Abuja Olufemi Soneye said these initiatives are poised to significantly boost job creation, power generation, and economic diversification for the country.
Speaking at the 2024 Gas Technology Conference and Exhibition (Gastech) in Houston, NNPC Ltd.’s Chief Financial Officer, Mr. Umar Ajiya, emphasized that unfavourable market conditions and slow decision-making in the past had previously hampered the multi-billion-dollar projects. Ajiya noted that declining gas prices, coupled with high capital expenditure, discouraged investors at the time.
“The earlier Nigeria makes smart decisions to bring partners to the table, the better,” Ajiya said, underscoring NNPC’s commitment to accelerating project execution to stay competitive globally.
He also praised President Bola Ahmed Tinubu for his leadership in advancing oil and gas reforms through executive orders, alongside the 2021 Petroleum Industry Act (PIA), which has revitalized investor interest with its fiscal incentives.
Ajiya highlighted the importance of events like Gastech, where NNPC Ltd. aims to adopt cutting-edge technologies to decarbonize operations and promote Nigeria’s vast LNG potential on the global stage.
Gastech, the premier international forum for energy innovation, gathers industry leaders to explore sustainable energy solutions for a secure climate future.
