Nigeria’s quest to maximize its gas resources for economic growth has received a major boost as NNPC Ltd. begins discussions with investors to revive the Brass and Olokola LNG projects. According to Umar Ajiya, Chief Financial Officer of NNPC Ltd., these projects have immense potential for economic benefits, including job creation, power generation, revenue generation, and economic diversification.
Background of the Projects
The Brass LNG and OK LNG projects, valued at multi-billion dollars, were stalled due to unfavorable market conditions and slow decision-making by previous administrations. Low gas prices and high capital expenditure made the projects unattractive to investors.
New Developments
Ajiya commends President Bola Ahmed Tinubu for supporting new projects in the industry through Presidential Executive Orders on Oil & Gas Reforms. The Petroleum Industry Act 2021 (PIA) has also provided fiscal incentives for investors, creating a conducive environment for growth.
Gastech Conference
The ongoing Gastech conference in Houston provides a platform for NNPC Ltd. to explore new technologies, decarbonize operations, and promote LNG resources globally.
Gastech brings together experts to create pathways for global energy security and lasting climate impact.
By reviving these projects, NNPC Ltd. aims to harness Nigeria’s abundant gas resources for economic prosperity.
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