Nigerian Liquefied Natural Gas (NLNG) said on Wednesday it is 97 percent ready to take Final Investment Decision (FID) on its capacity expansion project, the Train 7 project.
The Managing Director/Chief Executive Officer, NLNG, Mr. Tony Attah, disclosed this at the ongoing 9th Practical Nigerian Content in Yenagoa.
He said the Train 7 project was expected to expand NLNG’s production capacity by 35 percent from 22 Million Tonnes Per Annum (MTPA) to 30 MTPA.
He said: “The peak construction, the Train 7 project is targeted to provide direct, indirect and induced employment of about 40, 000 jobs from the Nigerian Content Development and Monitoring Board (NCDMB), perspective if looked holistically over the next six-year window.”
He warned that Nigeria risked losing its market share in the international gas market as well as dwindling gas export if it failed to make new investments in gas development.
“In LNG exports and market share by market, Qatar leads the chart with 78.7 Metric Tonnes, 24.9 percent, followed by Australia with 68.6MT, 21.7 percent, while Nigeria sits at 5th position with 20.5MT and 6.5 percent.
“If we do not take new FID investments in Trains, Nigeria may continue to drop from 5th to 10th position by 2025.
“We are here to enable gas. Nigeria has ridden on the back of oil for more than 50 years, it is now time to fly on the wings of gas.
“Our vision is to be a global LNG company helping to build a better Nigeria. We have four shareholders, government with 49 percent of the company with NNPC as it representative, Shell 25.6 percent, Total 15 percent, and Eni 10.4 percent.
“This year we celebrate our 30th anniversary, and 20 years of safe and reliable operation in the Niger Delta.” (NAN)