BY KUNLE KALEJAYE & WINIFRED IMONLUAMEN

The Nigerian Liquefied Natural Gas (NLNG) has earned $60 billion (about N9 trillion) from its gas production and shipping business in the past thirteen years. This was made known by the Managing Director, Nigeria LNG,  Babs Omotowa while speaking at the 2013 yearly Olobiri lecture Series in Lagos.

Omotowa said the earnings were made from 3000 LNG shipments made locally to the international market. According to him, the company’s gas production has increased to about 23 million tonnes per annum (mtpa), an increase of one million from 22mtpa from previous production.

Although, stakeholders in the industry have recently raised concerns that Nigeria’s LNG production may not record any significant increase until 2015, due to some unfavorable factors, Omotowa was however, optimistic about growth in LNG output.

“We have shipped 3000 LNG to customers globally and we accounted for over $60 billion revenue in 13years.

The company has paid over $15 billion to companies on feedgas purchase Upstream JVs (Joint Ventures) and has also paid over $23 billion dividend to four Shareholders, while $180 million was paid on VAT, taxes, among others,” he said.

Omotowa further stated that although more of the gas cargoes being exported to foreign market by the company. It has also  made significant commitment to Nigerian market by boosting local utilisation, adding that about 63 per cent of the 23 million tonnes gas produced yearly goes to Europe, while 32 per cent are Asia bound.