The Nigerian National Petroleum Corporation (NNPC Limited) has signed a Project Development Agreement (PDA) with Golar LNG to install a floating LNG facility offshore the Niger Delta, Nigeria, as part of its efforts to capitalize on the country’s abundant natural gas resources.
According to a statement released by the company’s chief corporate communications officer, Olufemi Soneye, in Abuja on Tuesday, the signing ceremony was attended by the chief financial officer, Umar Ajiya, executive vice presidents of Gas Power & New Energy, Olalekan Ogunleye, and Upstream, Oritsemeyiwa Eyesan, representing NNPC Limited, and the CEO of Golar LNG, Karl Fredrik Staubo.
In keeping with President Bola Tinubu’s determination to quickly commercialize Nigeria’s gas assets for the country’s economic growth, the PDA is another significant milestone achievement in guaranteeing gas commercialization through the deployment of an FLNG Facility in Nigeria.
The goal of the deal is to profit from large proved gas deposits found in shallow sea resources off the coast of Nigeria. The PDA also describes the revenue-generating strategy, which will generate LNG, LPG, and condensate using 400–500 mmscf/d.
Both NNPC Limited and Golar LNG, the partners, have pledged to complete the Final Investment Decision (FID) by the end of Q4, 2024, and to produce the first gas by 2027.
