Home BUSINESS OIL & GAS NNPC Ltd. Moves To Monitize Nigeria’s Natural Gas Resources, Partners With Golar...

NNPC Ltd. Moves To Monitize Nigeria’s Natural Gas Resources, Partners With Golar LNG

The Nigeria National Petroleum Company (NNPC Limited) has made another move to monetize Nigeria’s vast natural gas resources, signing what is called a Project Development Agreement (PDA) with Golar LNG for the deployment of a Floating Liquefied Natural Gas (LNG) offshore Niger Delta, Nigeria.
The signing ceremony, according to a statement by the Chief spokesperson of the NNPC Ltd, Olufemi Soneye, took place yesterday, June 10 June, and 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 from the NNPC Ltd side, while the Golar LNG team was led by Karl Fredrik Staubo (CEO).
The statement said that PDA is another major milestone achievement towards ensuring gas commercialization through deployment of an FLNG Facility in Nigeria.
Soneye said that the agreement is aimed at monetizing 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.”

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