NNPC Ltd has initiated talks with investors to revive two major Liquefied Natural Gas (LNG) projects: the Brass LNG in Bayelsa State and the Olokola (OK) LNG in Ogun State, with a combined value of $29.8 billion. According to a statement from Chief Corporate Communications Officer Olufemi Soneye, this effort aims to maximize Nigeria’s gas resources for economic growth.
The revival discussions were confirmed by NNPC’s Chief Financial Officer, Umar Ajiya, during the 2024 Gas Technology Conference in Houston. Ajiya highlighted that these projects were previously stalled due to low gas prices and slow decision-making by the political class. However, with renewed government support, including President Bola Ahmed Tinubu’s initiatives and the Petroleum Industry Act of 2021, there is optimism about moving these projects forward. Ajiya emphasized the strategic importance of timely decisions in an increasingly competitive global gas market.
The $9.8 billion Olokola LNG project and the $20 billion Brass LNG project are expected to provide significant economic benefits, including job creation, power generation, and revenue diversification. Ajiya further praised Gastech as an opportunity for NNPC to explore new technologies that can help decarbonize operations and promote Nigerian LNG in the global market.
