NNPC Ltd. progresses floating LNG project with Golar LNG

  •  Signs PDA on 400-500mmscf Gas Deal, Eyes FID before Dec 2024 Ending

In furtherance of its commitment to monetize Nigeria’s vast natural gas resources, NNPC Limited has executed a Project Development Agreement (PDA) with Golar LNG for the deployment of floating liquefied natural gas (LNG) offshore the Niger Delta, Nigeria.

L-R: NNPC Ltd’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan; Chief Financial Officer, Mr. Umar Ajiya; Executive Vice President, Gas, Power & New Energy, Mr. Olalekan Ogunleye; CEO of Golar LNG Ltd, Karl Fredrik Staubo (CEO) and two other officials from Golar LNG, during the signing ceremony of the Project Development Agreement (PDA) between NNPC Ltd and Golar LNG Ltd for the deployment of a floating liquefied natural gas (LNG) offshore Niger Delta, Nigeria, on Monday.

The signing ceremony, which took place on Monday, June 10, 2024, 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).

The PDA 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 400–500 mmscf/d and produce LNG, LPG and condensate.

The partners, NNPC Limited and Golar LNG, have both expressed their commitment to achieving the final decision (FID) before the end of Q4, 2024 and the 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.

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