In furtherance of its commitment to monetize Nigeria’s vast natural gas resources, the Nigerian National Petroleum Company 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 from the NNPC Limited side by Umar Ajiya the Chief Financial Officer; 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).

According to Olufemi Ogunseye, the NNPC spokesman, said the agreement was 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 the economic prosperity of the nation.

“The agreement aims to monetise vast proven gas reserves from shallow water resources offshore Nigeria. The PDA also outlines the monetisation plan that will utilise approximately 400–500 million standard cubic feet of gas per day and produce LNG, LPG and condensate. The partners, NNPC Limited and Golar LNG, have both expressed their commitment to achieving a final investment decision before the end of Q4, 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, and floating liquefaction vessels,” Soneye noted