- The two deals are a floating and a 421-tonne-per-day LNG project to the international and domestic markets.
- NNPC aims to execute the project within a timeframe of 12 months.
In a bid to expand its liquefied natural gas (LNG) asset, the Nigerian National Petroleum Corporation (NNPC) Ltd has secured two contracts for domestic and international markets. In a statement by NNPC’s spokesperson, Olufemi Soneye, NNPC closed the deals on the sidelines of the COP28 climate talks in Dubai.
The first deal is to develop a floating LNG project in Nigeria to target the international market. NNPC signed a memorandum of understanding with a Chinese company, Wison Heavy Industry Co. Ltd, for this deal. Furthermore, the second agreement is a supply, installation, and commissioning agreement with SDP Services Ltd, an oil independent, for a 421-tonne-per-day LNG project to the domestic market.
The head of NNPC’s trading unit, Lawal Sade, added, “We are looking at a timeframe of 12 months from execution to the commissioning of the project. Nigeria is committed to utilising its huge natural gas resources to drive economic growth and enhance energy security.” With its abundant natural gas reserves of over 200 trillion cubic feet, Nigeria seeks to enhance its domestic supplies and exports. NNPC has been on the frontlines, closing several deals to expand the LNG market.