In advancement of its commitment to monetize Nigeria’s vast natural gas assets, the NNPC Limited has executed a Project Development Agreement (PDA) with Golar LNG for the deployment of a Floating Liquefied Natural Gas (LNG) offshore Niger Delta, Nigeria.
The signing ceremony, which took place on Monday 10th June 2024, was gone 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 whereas the Golar LNG team was led by – Karl Fredrik Staubo (CEO).
The PDA is another major milestone accomplishment towards ensuring gas commercialization through the deployment of an FLNG Facility in Nigeria, which is in line with Mr. President Bola Ahmed Tinubu’s resolve to quickly commercialize Nigeria’s gas resources for the economic prosperity of the Nation.
The agreement points to monetizing vast demonstrated gas reserves from shallow water assets seaward Nigeria. The PDA also outlines the monetization plan that will utilize around 400-500mmscf/d and produce LNG, LPG, and Condensate.
The Partners, NNPC Limited and Golar LNG have both expressed their commitment to achieving the Final Investment Decision (FID) before the conclusion of Q4, 2024, and the first gas by 2027.
Golar LNG Limited is an eminent independent owner and operator of LNG infrastructure, counting carriers, floating capacity and regasification units (FSRUs), and floating liquefaction (FLNG) vessels.
