The Nigerian National Petroleum Company Limited (NNPCL) has initiated discussions with investors to revive the Brass and Olokola Liquefied Natural Gas (LNG) projects. This move was revealed by the company’s Chief Financial Officer, Umar Ajiya, during the 2024 Gas Technology Conference and Exhibition in Houston, USA.
According to a statement from NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, these efforts are part of a broader strategy to harness Nigeria’s extensive gas resources for economic growth and diversification. The Brass and Olokola LNG projects have significant potential for job creation, power generation, and revenue enhancement.
However, the projects faced delays in previous administrations due to unfavorable market conditions and slow decision-making. Ajiya explained that low gas prices and high capital costs had deterred investors in the past, but emphasized that NNPCL is now focused on efficient project development and leveraging available opportunities in the global gas market.
Ajiya also praised President Bola Tinubu for supporting new industry projects through executive orders on oil and gas reforms, and noted that the Petroleum Industry Act of 2021 has created an investor-friendly environment by offering fiscal incentives.
The Gastech conference, where Ajiya spoke, is an important platform for energy firms to explore new technologies and promote sustainable energy practices. It also provides an opportunity for NNPCL to showcase Nigeria’s LNG resources to the global market.
