The Nigerian National Petroleum Company Limited (NNPC ) has executed a Project Development Agreement (PDA) with Golar LNG of Norway to build a Floating Liquefied Natural Gas (LNG) plant offshore Niger Delta, Nigeria.
This is in furtherance of the national oil company’s commitment to monetize Nigeria’s vast natural gas resources.
Currently, the country has about 209.26 trillion cubic feet (TCF) of Associated and Non-Associated Gas reserves.
The reserves of Associated Gas and Non-Associated Gas were reported at 102.59 TCF and 106.67 TCF, respectively by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in its latest report.
According to the statement by the Chief Corporate Communications Officer of the NNPC Limited, Olufemi Soneye, the signing ceremony, which took place on Monday 10th June, 2024, was attended by the Chief Financial Officer, Umar Ajiya; Executive Vice President, Gas Power & New Energy, Olalekan Ogunleye and Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan while the Golar LNG team was led by – Karl Fredrik Staubo (CEO).
He said, the PDA is another major milestone achievement towards ensuring gas commercialization through deployment of an FLNG Facility in Nigeria, which is in line with Mr. President Bola Ahmed Tinubu’s resolve to rapidly commercialize Nigeria’s gas assets for the economic prosperity of the Nation.
Mr. Soneye said, the agreement aims to monetize vast proven gas reserves from shallow water resources offshore Nigeria, adding that the PDA also outlines the monetization plan that will utilize approximately 400-500mmscf/d and produce LNG, LPG and Condensate.
He revealed that the Partners, NNPC Limited and Golar LNG have both expressed their commitment to achieve Final Investment Decision (FID) before end of Q4, 2024 and first gas by 2027.
Golar LNG Limited is a renowned independent owner and operator of LNG infrastructure, including carriers, floating storage and regasification units (FSRUs), and floating liquefaction (FLNG) vessels.
