Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Mele Kyari, on Friday, said the corporation, along with its investment partners- Shell Petroleum Development Corporation, Total and ENI, have taken the Final Investment Decision (FID) to proceed with the construction of Train 7 of the Nigeria Liquefied Natural Gas (NLNG).
Speaking at the NLNG headquarters annex in Abuja, Kyari, said the NLNG Train 7 project would rake $20bn revenue into the Federal coffers while creating 10,000 direct and 40,000 indirect jobs.
An obviously elated Kyari, according to Samson Makoji, acting Group General Manager
Group Public Affairs Division of the NNPC was quoted as describing the FID as a confidence vote in the Nigerian economy as a prime investment destination by the international oil companies.
The decision, he noted further, also signifies the “renewed confidence by our international investors, particularly our partners who we have known for a long time, to still agree to put money back into this country to move this project forward.”
Describing the FID as a desire met, the GMD said it would open a floodgate of opportunities for more of such investments capable of boosting the economy and creating prosperity for the Nigerian populace who are the shareholders of the corporation.
“We need to do more, and we can do more. This FID has opened the gateway for doing more great things. We will work with our partners to bring in more projects that will add value to this country in the Upstream, and particularly in the gas processing sector”, he said.
He thanked President Muhammadu Buhari for his unflinching support and expressed appreciation to the investment partners and the management of the NLNG for the tenacity in staying committed to the project in spite of all the challenges.
The President’s earnest desire, he recalled, was to drive the NLNG to establish Train 12 as soon as possible.
Also speaking, the Managing Director of Shell, who was represented by Henry Bristol, said Shell was committed to the project and the opportunities it provides for Nigeria.
Total, according to its Managing Director, Mike Sangster, is very pleased to be part of the decision to proceed with the Train 7 which he described as great and fantastic, while his counterpart at ENI, who was represented by Peter Costello also expressed the commitment of his company to proceed with the Train 7 project. The decision, he added, was in tandem with the celebratory mood of the season.
It would be recalled that the GMD had, at various occasions in the year, committed to having the FID taken before the end of 2019.
The Train 7 would boost the production capacity of the current six-train NLNG by 35% from 22m Tonnes Per Annum (MTPA) to 30MTPA, and increase its competitiveness in the global LNG market.
NLNG is an incorporated Joint-Venture owned by four Shareholders, namely, the Federal Government of Nigeria, represented by the Nigerian National Petroleum Corporation (49%), Shell Gas B.V. (25.6%), Total Gaz Electricite Holdings France (15%) and Eni International N.A. N.V. S.àr.l (10.4%).
Also present at the event were the chairman of the Board of NLNG, Chief O. R. LongJohn, Managing Director of NLNG, Tony Attah, and the NLNG General Counsel/Company Secretary, Akachukwu Nwokedi.
Photo Caption: NNPC GMD, Mele Kyari (sitting 3rd right), making the announcement of the Final Investment Decision (FID) on the NLNG Train 7 taken by the Board of the NLNG in Abuja.