• Contact Us
  • About Us
Wednesday, September 27, 2023
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Economy

Nigeria could triple gas reserves if NLNG expansion goes ahead -CEO

metro by metro
March 9, 2017
in Economy, Energy
0
NNPC
0
SHARES
0
VIEWS

Nigeria Liquefied Natural Gas Company (NLNG) could unlock three times as much gas as the country’s proven reserves and create hundreds of thousands of jobs if it goes ahead with a proposed expansion plan, it said on Wednesday.

NLNG, often cited as a successful public private partnership, is a venture between state-owned Nigerian National Petroleum Corporation (NNPC), Royal Dutch Shell, Total and Eni to produce liquefied natural gas (LNG) for export.

Read Also

Hardship Making Nigerians To Lose Faith In Government

Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation

More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others

It currently operates six trains — liquefaction and purification facilities – and CEO Tony Attah said the company was ready to add another two trains, although he did not say whether a final decision had been taken.

Building Trains 7 and 8 would require total investment of $25 billion, he said.

Nigeria has the world’s ninth largest proven gas reserves, at 187 trillion cubic feet (tcf), and Attah said NLNG estimated “scope for reserves of 600 tcf” if the company expands.

“The potential investment that will come in is about $25 billion if Train 7 and 8 happen, to unlock the 600 tcf gas with (the creation of) 800,000 jobs,” Attah told a press briefing.

NLNG was ready in principle to go ahead, he said.

“Technology is here, people are here and the partners are already lining up.”

However, Attah also warned that Train 7 needed assurances around supply because the six existing facilities were not full on an annual basis. “We need a billion dollars worth of investment upstream to keep trains 1 to 6 up,” he said.

NLNG, which has 23 LNG carriers, has generated $85 billion in 17 years with assets of more than $13 billion.

OPEC member Nigeria, is reeling from low oil prices and militant attacks on energy facilities in its Niger Delta energy hub, saw its economy shrink 1.5 percent in 2016 – its first full-year contraction in 25 years.

 

Previous Post

Late passage of 2017 budget may delay implementation of the Nigeria’s Economic Plan

Next Post

African Markets – Factors to watch on March 9

Related Posts

Hardship Making Nigerians To Lose Faith In Government
Economy

Hardship Making Nigerians To Lose Faith In Government

September 26, 2023
Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation
Economy

Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation

September 22, 2023
More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others
Economy

More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others

September 21, 2023
Nigerians Thrown Into Total Darkness As National Grid Collapses Again
Energy

Nigerians Thrown Into Total Darkness As National Grid Collapses Again

September 14, 2023
Next Post

African Markets - Factors to watch on March 9

MIPAD Honors Global Top 100 Achievers of African Descent at United Nations Featuring American Billionaire Robert F. Smith and World Health Organization Director Dr. Tedros A. Ghebreyesus

September 26, 2023

Fabien Bortoluzzi appointed of Managing Director, Thales Western & Central Africa

September 26, 2023
Equities Market Upbeat Performance Persists… ASI Gains 0.9% W/W

GX RegCo Unveils Code Of Conduct For Approved Persons Of Trading License Holders Of Exchange 

September 26, 2023
ADVERTISEMENT
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version