By kawaekwune Jeffrey
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced its move to revive two stalled Liquefied Natural Gas (LNG) projects—Brass LNG and Olokola (OK) LNG, respectively.
Speaking during an ongoing 2024 Gas Technology Conference and Exhibition (Gastech) in Houston, Texas, United States, Mr Umar Ajiya, NNPC Ltd.’s Chief Financial Officer (CFO), revealed the company’s commitment to maximizing Nigeria’s gas resources for economic development.
Ajiya explained that the Brass and OK LNG projects have the potential to boost job creation, power generation, and revenue generation for the country.
He said: “In the past, gas prices went down, the economics of the projects meant a high Capital Expenditure (CAPEX), and this was a disincentive for investors and partners. Also, there was slow decision-making by the political class.”
Ajiya praised the support of President Bola Ahmed Tinubu in revitalizing Nigeria’s energy sector through the Presidential Executive Orders on Oil & Gas Reforms, which have helped accelerate progress on key projects.
He also referenced the Petroleum Industry Act (PIA) of 2021, which he said: “has provided fiscal incentives for investors and is creating the enabling environment that has rekindled hope in the energy sector.”
The NNPCL bigwig further emphasized NNPC Ltd is focused on learning from global trends to enhance operations, noting that “Gastech is an avenue for us to learn new technologies which will help NNPC decarbonize its operations and promote its abundant LNG resources to the global market.”
The CFO added that NNPC Ltd. is now poised to engage investors, stressing that, “the earlier Nigeria makes smart decisions to bring partners to the table, the better.”
The 2024 Gastech forum is a key platform for global energy experts to discuss pathways toward energy security and climate sustainability.
