The Nigerian National Petroleum Corporation (NNPC) and shareholders have taken the Final Investment Decision (FID) for its Train 7 Project, which will increase its production by 35% and its competitiveness in the global LNG market.
The signing of the FID took place in NLNG office in Abuja on Friday 27th December 2019.
Train 7 FID was taken by NLNG shareholders, NNPC, Shell, Total and ENI to formally progress the projects expected to generate over 10,000 direct jobs
Answering question on what today’s event means to NNPC and Nigeria, the GMD-Mele Kyari indicated that today’s FID ceremony is a monumental accomplishment.
“Firstly, it signifies a further demonstration of the restored and growing confidence of international oil companies of global repute in Nigeria’s petroleum Space;
“Secondly, and clearly, this is the result of the strong and focused leadership of His Excellency, President Muhammadu Buhari to deepen and expand oil and gas revenues needed for national development and growth;
“Thirdly, for the NNPC, today’s FID is the modest result of focussed and consistent commitment to ensure delivery of the promise to Nigerians as articulated in its Transparency, Accountability, Performance and Excellence-TAPE Agenda.” Mr Kyari stated.
“Fourthly, Nigeria and indeed Nigerians should continue to expect more of these value-adding decisions,” The GMD added
It will be recalled that just last week, NNPC signed an agreement with Chevron to end the long dispute on EGTL, in order to pave the way for further investments, which is expected to lead to increased in-country gas monetisation.
NNPC also signed the FEED contract with Seplat a forthnight ago, on condensate refineries, which will make Nigeria self sufficient in gasoline and other white petroleum products production.
“Lastly, we must not loose sight of the prosperity lift that this will create, including the employment of more tha ten thousand direct and forty thousand indirect jobs, as well as the projected revenue of over twenty billion dollars,” Mr Mele said.
Also speaking, the NLNG MD, Tony Attah, expressed gratitude to President Buhari for supporting Train 7 project. “We are encouraged to continue with our growth agenda to what the president wants for NLNG, which is growing up to Train 12.”
“NLNG has been bringing huge value to Nigeria through taxes and dividends. With Train 7, the value will grow,” Attah said.
Chairman, NLNG Board of Directors, Chief Osobonye LongJohn stated that ” We shall build more trains and increase Nigeria’s LNG capacity to match our peers around the world.”