- NNPC targets LNG export to South Korea and aims to supply clean and affordable energy to the global market.
- NNPC and the consortium discussed the potential cooperation on gas development in Nigeria.
The Nigerian National Petroleum Co. Ltd. (NNPC) targets a partnership with a South Korean consortium toward a potential agreement to export Nigerian Liquefied Natural Gas (LNG) to the East Asian country. In a recent press release by NNPC, the chief executive, Mele Kyari, led a delegation to Seoul last month for a meeting with a consortium led by Daewoo Engineering & Construction Co. Ltd. to discuss the potential cooperation on gas development in Nigeria.
Nigeria has abundant gas reserves — the ninth-largest proven natural gas reserves globally. It is also the world’s sixth-largest exporter of LNG. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria had 208.83 trillion cubic feet of natural gas reserves as of January 1, 2023. NNPC stated that the talks aim to deepen NNPC’s drive to tap into the nation’s vast gas resources to supply clean and affordable energy to the global market
“South Korea is a major destination for LNG exports, and the consortium, in collaboration with the Korean Export-Import Bank, has expressed interest in advancing discussions on investing in greenfield and other gas development opportunities. The talks will pave the way for executing a Memorandum of Understanding that will unlock strategic foreign direct investment in line with President Bola Ahmed Tinubu’s administration’s policy of making Nigeria a prime destination for global investors,” the press release added.