The Nigerian National Petroleum Corporation Ltd is leveraging the Gas Technology Conference and Exhibition (Gastech) in Houston to initiate discussions with investors for the revival of the Brass and Olokola LNG projects
Once operational, these multi-billion dollar projects will significantly benefit the economy of the country through job creation, power generation, revenue generation and economic diversification. This development was announced by the corporation's chief financial officer, Umar Ajiya, on the sidelines of Gastech.
“In the past, gas prices went down, the economics of the projects meant a high capital expenditure (CAPEX) and this was a dis-incentive for investors and partners. Also, there was slow decision-making by the political class," said Ajiya. Defining the NNPC Ltd as commercially driven, he expressed the corporation's urgency to capitalise on Nigeria's abundant through gas resources smart decisions to bring partners to the table. The corporation has seen impressive profits in the 2023 financial year.
Investor incentives
Noting President Bola Ahmed Tinubu's role in driving new projects through the Presidential Executive Orders on oil & gas reforms, he said, "We are also happy to have the Petroleum Industry Act (PIA) [that] has provided fiscal incentives for investors and is creating the enabling environment that has rekindled hope in the energy sector.”
According to Ajiya, the NNPC Ltd is utilising the Gastech exposure to advance decarbonisation of the Nigerian oil & gas operations through new technologies, as well as globally promoting its LNG resources.
NNPC looking to revive LNG projects in Nigeria
NNPC is leveraging Gastech to advance decarbonisation and LNG promotion. (NNPC Ltd)
