The Nigerian National Petroleum Corporation Limited (NNPCL), has said it is leveraging on President Bola Tinubu’s Presidential Executive Orders on Oil and Gas reforms and the Petroleum Industry Act (PIA), to woo investors in a bid to revive the Brass and Olokola Liquefied Natural Gas (LNG) projects.
NNPCL’s Chief Financial Officer (CFO), Umar Ajiya, disclosed this on the sidelines of the ongoing 2024 Gas Technology Conference and Exhibition (Gastech), in Houston, United States, at the weekend.
Brass LNG and OK LNG are two LNG projects with the potential of manifold economic benefits for the country which include job creation, power generation, revenue generation, and economic diversification.
The multi-billion-dollar projects were however stalled due to unfavourable market dynamics and slow decision-making by the political class in the past.
“In the past, gas prices went down, the economics of the projects meant a high Capital Expenditure (CAPEX) and this was a disincentive for investors and partners. Also, there was slow decision-making by the political class,” the CFO added.
