Business

June 12, 2024

Gas: NNPC signs floating LNG deal with Golar to deliver 500mmscf

NNPC wins NOGIG 2024

By Obas Esiedesa, Abuja

The NNPC Limited has signed a Project Development Agreement with Golar LNG for the deployment of a Floating Liquefied Natural Gas offshore Niger Delta that would deliver 400-500mmscf/d of gas.

A statement by NNPC’s Chief Communication Officer, Mr. Olufemi Soneye said   the signing ceremony, which took place in Abuja was attended from the NNPC Limited side by the Chief Financial Officer, Umar Ajiya; Executive Vice President, Gas Power & New Energy, Olalekan Ogunleye and Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan while the Golar LNG team was led by – Karl Fredrik Staubo (CEO).

According to him, the project development agreement “is another major milestone achievement towards ensuring gas commercialization through deployment of an FLNG Facility in Nigeria, which is in line with Mr. President Bola Ahmed Tinubu’s resolve to rapidly commercialize Nigeria’s gas assets for the economic prosperity of the nation.

“The agreement aims to monetize 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”.

Soneye explained that the Partners, NNPC Limited and Golar LNG have both expressed their commitment to achieve Final Investment Decision (FID) before the 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”, he added.