By Godfrey AKON
The NNPC Limited has executed a Project Development Agreement, PDA, with Golar LNG for the deployment of a Floating Liquefied Natural Gas, LNG, off the shores of Niger Delta, Nigeria.
The company said in a statement by its spokesperson, Mr Olufemi Soneye, that the move is in furtherance of its commitment to monetize Nigeria’s vast natural gas resources.
It noted that the signing ceremony took place on Monday in Abuja, in the presence of NNPC Limited 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 its CEO, Karl Fredrik Staubo.
According to the company, 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.
While stating that the agreement aims to monetize vast proven gas reserves from shallow water resources offshore Nigeria, it said the PDA also outlines the monetization plan that will utilize approximately 400-500mmscf/d and produce LNG, LPG and Condensate.
“The Partners, NNPC Limited and Golar LNG have both expressed their commitment to achieve Final Investment Decision (FID) before end of Q4, 2024 and 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,” the statement read.