The Nigerian National Petroleum Company Limited (NNPCL) said it has commenced discussions with investors to revive the Brass and Olokola Liquefied Natural Gas projects.
The Chief Financial Officer of NNPC Ltd., Umar Ajiya, disclosed this on the sidelines of the ongoing 2024 Gas Technology Conference and Exhibition holding in Houston, United States.
A statement by the company’s Chief Corporate Communications Officer, Olufemi Soneye, yesterday, said the move was part of ongoing efforts aimed at maximising the nation’s abundant gas resources for economic development and prosperity.
The Brass LNG and Olokola LNG are two LNG projects with the potential of manifold economic benefits for the country which include job creation, power generation, revenue generation and economic diversification.
The multi-billion-dollar projects were, however, stalled due to unfavourable market dynamics and slow decision-making by the political office holders in the previous administrations.
Soneye said, “In the past, gas prices went down, the economics of the projects meant a high capital expenditure, and this was a dis-incentive for investors and partners. Also, there was slow decision-making by the political class.”
He said there are abundant gas resources in many parts of the world and, therefore, the earlier Nigeria makes smart decisions to bring partners to the table, the better.