NNPC, Firm Sign Agreement On Gas Deal

In furtherance of its commitment to monetise Nigeria’s vast natural gas resources, 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, was attended by the NNPC Limited’s Chief Financial Officer, Umar Ajiya; Executive Vice President, Gas Power & New Energy, Olalekan Ogunleye and Executive Vice President, Upstream, Oritsemeyiwa Eyesan while the Golar LNG team was led by its Chief Executive Officer, Karl Fredrik Staubo.

The PDA is another major milestone achievement towards ensuring gas commercialisation through the deployment of an FLNG facility in Nigeria in line with President Bola Tinubu’s resolve to rapidly commercialise Nigeria’s gas assets for economic prosperity.

The agreement also aims to monetise vast proven gas reserves from shallow water resources offshore Nigeria.

The agreement also outlines the monetisation plan that will utilise 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 the end of 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.