By Ayomide Otitoju
The Nigerian National Petroleum Company Limited (NNPC) has initiated discussions with investors to revive the stalled Brass and Olokola Liquefied Natural Gas (LNG) projects. This was disclosed by NNPC Ltd.’s Chief Financial Officer, Umar Ajiya, during the 2024 Gas Technology Conference and Exhibition (Gastech) in Houston, United States.
According to a statement issued on Friday by NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, the revival of these projects is a key part of NNPC’s strategy to harness Nigeria’s vast gas resources for economic growth and national prosperity.
The Brass LNG and Olokola LNG projects, which hold enormous potential for job creation, power generation, and revenue diversification, were previously stalled due to unfavorable market conditions and delays in decision-making by prior administrations.
“In the past, declining gas prices and the high capital expenditure required for these projects discouraged investors and partners,” Ajiya explained. “Moreover, slow decision-making by the political class further hindered progress.”
He emphasized NNPC Ltd.’s new focus on timely project development and execution, noting that with abundant gas reserves globally, Nigeria must act swiftly to attract investment and capitalize on its resources.
Ajiya also praised President Bola Tinubu’s support for new industry initiatives through his executive orders on oil and gas reforms, adding that the Petroleum Industry Act (PIA) of 2021 has provided much-needed fiscal incentives and created an enabling environment that has revived investor confidence in the energy sector.
Speaking on the significance of the Gastech conference, Ajiya highlighted its value as a platform for national oil companies to explore new technologies that can help decarbonize operations and promote their LNG resources on the global stage. Gastech, a leading global forum, focuses on delivering a more sustainable energy future by fostering dialogue among experts to ensure global energy security and climate impact.
The revival of the Brass and Olokola LNG projects could signal a new chapter in Nigeria’s efforts to maximize its natural gas potential, positioning the country as a key player in the global LNG market.
