NNPC Ltd. Advances Floating LNG Project with Golar LNG.
NNPC Limited has taken a significant step towards monetizing Nigeria’s extensive natural gas resources by signing a Project Development Agreement (PDA) with Golar LNG for a Floating Liquefied Natural Gas (FLNG) facility off the coast of the Niger Delta.
The signing ceremony, which took place on Monday, June 10, 2024, saw key officials from NNPC Limited, including Chief Financial Officer Umar Ajiya, Executive Vice President of Gas Power & New Energy Olalekan Ogunleye, and Executive Vice President of Upstream Mrs. Oritsemeyiwa Eyesan. Golar LNG was represented by CEO Karl Fredrik Staubo.
This PDA is a crucial milestone in the bid to commercialize Nigeria’s gas reserves, aligning with President Bola Ahmed Tinubu’s vision to rapidly leverage the country’s gas assets for economic growth.
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The agreement focuses on utilizing approximately 400-500 million standard cubic feet per day (mmscf/d) of gas from Nigeria’s shallow offshore waters to produce Liquefied Natural Gas (LNG), Liquefied Petroleum Gas (LPG), and condensate.
Both NNPC Limited and Golar LNG are committed to reaching a Final Investment Decision (FID) by the end of Q4 2024, with the first gas production expected by 2027.
Golar LNG Limited, a prominent independent owner and operator of LNG infrastructure, will bring its expertise in LNG carriers, floating storage and regasification units (FSRUs), and FLNG vessels to this venture.
