Shell, Total, Eni, NNPC to Go Ahead With LNG Project
December 27 2019 - 2:31PM
Dow Jones News
By Obafemi Oredein
IBADAN, Nigeria--The Nigerian National Petroleum Corp. and other
shareholders in Nigeria LNG Ltd. on Friday have chosen to move
forward with the construction of NLNG's Train 7 project.
The other shareholders endorsing the final investment decision
are Shell Gas BV, Total Gaz Electricite Holdings and Eni
International, NNPC said. NNPC has 49% stake in the project, while
Shell Gas owns 25.6%, Total Gaz holds 15% and ENI 10.4%.
The Train 7 project is expected to increase NLNG's production by
35% to 30 million tons a year and boost the company's
competitiveness in the global market, said Tony Attah, NLNG's
managing director.
Earlier this month, NLNG signed natural gas supply agreements
with Shell, Total Nigeria, Nigeria Agip Co. and indigenous oil and
gas firms Oando PLC and the Nigerian Petroleum Development Co. for
the Train 7 project.
The project is likely to attract foreign direct investment of
more than $10 billion, including the upstream scope of the NLNG
value chain, and create about 10,000 jobs during the construction
stage, Mr. Attah said. Construction is expected to take four to
five years, he said.
The expansion had been stalled for several years under different
political administrations in Nigeria. NNPC estimates Nigeria's gas
reserves at 187 trillion standard cubic feet.
Write to Barcelona Editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
December 27, 2019 14:16 ET (19:16 GMT)
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