The Nigerian Nationwide Petroleum Firm (NNPC) Restricted says it has commenced discussions with buyers in the direction of reviving Brass and Olokola liquefied pure gasoline (LNG) initiatives.
In an announcement on Friday by Oluwafemi Soneye, NNPC’s spokesperson, the nationwide oil firm stated the revival plan is a part of ongoing efforts to maximise the nation’s plentiful gasoline assets for financial growth and prosperity.
“Brass LNG and OK LNG are two LNG initiatives with the potential of manifold financial advantages for the nation which embrace job creation, energy era, income era and financial diversification,” NNPC stated.
“The multi-billion-dollar initiatives have been nevertheless stalled as a consequence of unfavourable market dynamics and gradual decision-making by the political class prior to now.”
Talking on the sidelines of the continued 2024 Gasoline Know-how Convention and Exhibition (Gastech), in Houston, United States, Umar Ajiya, NNPC’s chief monetary officer (CFO), stated prior to now, gasoline costs dropped, and the economics of the initiatives translated to a excessive capital expenditure (CAPEX).
Ajiya stated it was a disincentive for buyers and companions.
“Additionally, there was gradual decision-making by the political class,” the CFO stated.
Describing NNPC as a commercially pushed firm that values immediate challenge growth and execution, Ajiya stated there are plentiful gasoline assets in lots of elements of the world.
Due to this fact, he stated the sooner Nigeria makes sensible selections to convey companions to the desk, the higher.
Ajiya counseled President Bola Tinubu for his assist in driving new initiatives within the sector by the presidential government orders on oil and gasoline reforms.
“We’re additionally joyful to have the Petroleum Business Act, 2021 (PIA) which has offered fiscal incentives for buyers and is creating the enabling setting that has rekindled hope within the power sector,” he stated.
Ajiya described Gastech as an avenue for NNPC to be taught new applied sciences to assist the corporate decarbonise its operations and showcase its plentiful LNG assets to the worldwide market.
