In a significant stride towards monetizing Nigeria’s abundant natural gas resources, NNPC Limited has signed a Project Development Agreement (PDA) with Golar LNG for the deployment of a Floating Liquefied Natural Gas (LNG) facility offshore in the Niger Delta, Nigeria.

The signing ceremony on Monday, June 10, 2024, saw prominent figures from both organizations in attendance. Representing NNPC Limited were Chief Financial Officer Umar Ajiya, Executive Vice President of Gas Power & New Energy Olalekan Ogunleye, and Executive Vice President of Upstream Mrs. Oritsemeyiwa Eyesan. CEO Karl Fredrik Staubo led the Golar LNG team.

This PDA marks a major milestone in commercializing gas resources by deploying a Floating LNG facility in Nigeria. This initiative aligns with President Bola Ahmed Tinubu’s commitment to rapidly commercialize the nation’s gas assets to foster economic prosperity.

The agreement aims to monetize substantial proven gas reserves from shallow water resources offshore Nigeria. The plan will utilize approximately 400-500 million standard cubic feet per day (mmscf/d) of gas to produce LNG, LPG, and condensate.

NNPC Limited and Golar LNG have expressed their dedication to reaching a Final Investment Decision (FID) by the end of the fourth quarter of 2024, with an eye on achieving first gas production by 2027.

Golar LNG Limited is a globally recognized independent owner and operator of LNG infrastructure, including carriers, floating storage and regasification units (FSRUs), and floating liquefaction (FLNG) vessels. This partnership with NNPC Limited is expected to bring significant advancements in Nigeria’s gas sector, furthering the nation’s economic development.