The Nigerian National Petroleum Company (NNPC) Limited has taken a significant step towards monetizing the country’s vast natural gas resources by executing a Project Development Agreement (PDA) with Golar LNG for the deployment of a Floating Liquefied Natural Gas (LNG) facility offshore the Niger Delta region.
According to a statement by NNPC’s Chief Corporate Communications Officer Olufemi O. Soneye on Tuesday, the signing ceremony, held on Monday, June 10, 2024, was attended by top officials from both parties, including NNPC’s Chief Financial Officer, Umar Ajiya, Executive Vice President for Gas, Power & New Energy, Olalekan Ogunleye, and Executive Vice President for Upstream operations, Mrs. Oritsemeyiwa Eyesan. The Golar LNG team was led by its CEO, Karl Fredrik Staubo.
“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,” the statement reads partly.
“The agreement aims to monetize vast proven gas reserves from shallow water resources offshore Nigeria. The PDA also outlines the monetization plan that will utilize approximately 400-500mmscf/d and produce LNG, LPG and Condensate.
“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.”
