NNPC Limited signed an MoU with Golar LNG to build a floating liquefied natural gas plant in Nigeria to increase the country’s domestic gas utilization and enhance gas export.
NNPC Limited is committed to improving Nigeria’s energy security through the enhancement of the country’s natural gas resources.
Golar LNG is a reputable company with over 50 years of experience in developing marine LNG infrastructure and has a strong balance sheet position, low leverage, and strong cash flow from operations to expand the FLNG business.
The Nigerian National Petroleum Company (NNPC) Limited has signed a Memorandum of Understanding (MoU) with Golar LNG to build a floating liquefied natural gas plant in Nigeria. The company announced this development in a statement that was issued via Twitter on Wednesday, April 26, 2023, Part of the statement said:
“In furtherance of its efforts to deepen Nigeria’s domestic gas utilization and enhance gas export, Nigerian National Petroleum Company Limited has signed a Memorandum of Understanding (MoU) with a Norwegian company, Golar LNG (GLNG), to build a Floating Liquified Natural Gas (LNG) plant in Nigeria.
“Group CEO, of NNPCL and CEO of Golar LNG, Mr Karl Fredrik Staubo, signed the agreement on behalf of their respective companies during a brief ceremony held at the #NNPCTowers in Abuja, earlier today.
Golar LNG is one of the world’s largest independent owners and operators of marine-based LNG midstream infrastructure active in the liquefaction, transportation and regasification of natural gas.”
NNPC Limited has said that it is committed to further improving Nigeria’s energy security through the enhancement of the country’s natural gas resources.
During the March 2023 CERAWeek conference, Bala Wunti, the Chief Upstream Investment Officer at the NNPC Upstream Investment Management Services (NUIMS), said that NNPCL is strategically positioned to provide clean, affordable, and reliable energy to alleviate energy poverty and guarantee national energy security through natural gas.
Earlier, the International Energy Agency (IEA) projects that African natural gas consumption will grow at an average of 3.3% per year to reach almost 195 billion cubic meters (bcm) in 2025. Industrial and power generation needs in Algeria, Egypt, and Nigeria primarily drive this growth.
Golar LNG has a great track record,
Golar LNG designs converts, owns, and operates marine infrastructure that turns natural gas into LNG and LNG back into natural gas. The company has over 50 years in developing marine LNG infrastructure.
In February 2023, Golar LNG revealed that its strong balance sheet position, low leverage and strong cash flow from operations allow for the expansion of the FLNG business. In the company’s current fleet are the Hilli Episeyo at 2.4 metric tons per annum (mtpa) for Perenco Cameroon, Golar Gimi at 2.45 mtpa for BP, and the Golar Gandria as an incoming project.
