According to NNPCL Chief Financial Officer Umar Ajiya, the Nigerian National Petroleum Company Limited (NNPCL) has initiated talks with investors to revive the stalled Brass and Olokola Liquefied Natural Gas (LNG) projects. The announcement was made during the 2024 Gas Technology Conference and Exhibition in Houston, United States.
The Brass LNG and Olokola LNG projects, once seen as significant economic drivers for Nigeria, have the potential to boost job creation, power generation, revenue, and economic diversification. However, these multi-billion-dollar ventures were halted due to unfavourable market conditions and slow decision-making by political leaders in previous administrations.
In a statement, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, said the revival of these projects is part of ongoing efforts to leverage Nigeria’s vast gas resources for economic development. Soneye pointed out that past challenges, such as low gas prices and high capital expenditures, discouraged investors.
The NNPCL believes that making swift and strategic decisions will help attract investors and bring these projects back on track, especially as global competition for gas resources intensifies.
