Oil & Gas

NNPC Ltd. executes agreement with Golar LNG for floating LNG in Niger Delta

....Sign PDA on 400-500mmscf Gas Deal, Eye FID before end December 2024

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In furtherance of its commitment to monetize 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 10th June, 2024, was attended 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 while the Golar LNG team was led by – Karl Fredrik Staubo (CEO).

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.

A statement by Mr. Olufemi Soneye, the Chief Corporate Communications Officer, NNPC Limited, said the agreement aims to monetize vast proven gas reserves from shallow water resources offshore Nigeria.

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.

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