₦airaland Forum

In its continued bid to maximise the nation’s abundant gas resources for economic development and prosperity, NNPC Ltd. has begun discussions with investors towards bringing back two Liquefied Natural Gas (LNG) projects, Brass and Olokola LNG projects.

NNPC Ltd.’s Chief Financial Officer (CFO), Mr. Umar Ajiya disclosed this on the sidelines of the ongoing 2024 Gas Technology Conference and Exhibition (Gastech), in Houston, United States, on Thursday.

Brass LNG and OK LNG are two LNG projects with the potential of manifold economic benefits for the country which include job creation, power generation, revenue generation and economic diversification. The multi-billion-dollar projects were however stalled due to unfavourable market dynamics and slow decision-making by the political class in the past.

"In the past, gas prices went down, the economics of the projects meant a high Capital Expenditure (CAPEX), and this was a dis-incentive for investors and partners. Also, there was slow decision-making by the political class," the CFO added.

While describing NNPC Ltd. as a commercially driven Company which recognises timely project development and execution, the CFO said there are abundant gas resources in many parts of the world and therefore, the earlier Nigeria makes smart decisions to bring partners to the table, the better.

Ajiya commended President Bola Ahmed Tinubu for his support in driving new projects in the Industry through the Presidential Executive Orders on Oil & Gas Reforms.

"We are also happy to have the Petroleum Industry Act, 2021 (PIA) which has provided fiscal incentives for investors and is creating the enabling environment that has rekindled hope in the energy sector."

Ajiya described Gastech as an avenue for NNPC Ltd. to learn new technologies which will help the Company decarbonise its operations and promote its abundant LNG resources to the global market.

Gastech is the world’s leading forum dedicated to delivering a more sustainable energy future by bringing together experts who brainstorm to create pathways towards global energy security for lasting climate impact

President Bola Tinubu receives with relief the news of the strings of successful operations against security threats in the north-west by troops of the Nigerian military.

He says the success of the operations gives further assurance that our security operatives are up to the task of of ensuring the peace and security of the nation.

Troops of Operation Hadarin Daji, on Thursday, neutralised a wanted bandit leader, Halilu Sububu, who had been unleashing terror on citizens in Zamfara, Sokoto, and other parts of north-western Nigeria. The troops also killed another terrorist Sani Wala Burki in a Joint Operation in Katsina, and busted a terrorist enclave in Kaduna, where 13 kidnapped students were freed.

The successful operations follow the President's directive to the service chiefs to relocate to the zone until normalcy is restored.

President Tinubu commends the military high command, the intelligence agencies, and the troops for their valiant efforts, synergy, and dedication, which have resulted in the recent laudable outcomes.

The President also commends the entire security apparatus for the improved security in the nation and enjoins them to sustain their efforts until immediate and latent threats are permanently removed.

President Tinubu reassures the security agencies of his continued support in achieving the priority objective of keeping the nation safe and secure.

Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
September 14, 2024