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NNPCL Signs PDA On 400-500mmscf Gas Deal, Eyes FID By December

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


L-R: NNPC Ltd’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan; Chief Financial Officer, Mr. Umar Ajiya; Executive Vice President, Gas, Power & New Energy, Mr. Olalekan Ogunleye; CEO Golar LNG Ltd, Karl Fredrik Staubo (CEO) and two other officials from Golar LNG, during the signing ceremony of the Project Development Agreement (PDA) between the NNPC Ltd and Golar LNG Ltd for the deployment of a Floating Liquefied Natural Gas (LNG) offshore Niger Delta, Nigeria, on Monday.

 

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.

A statement by the Chief Corporate Communications Officer of the company, Olufemi Soneye in Abuja on Tuesday, said the signing ceremony, which took place on Monday, 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,  Oritsemeyiwa Eyesan, while the Golar LNG team was led by – Karl Fredrik Staubo (CEO).

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 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 400-500mmscf/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 end of Q4, 2024 and first gas by 2027.