The operational crisis at NLNG Limited continues to deepen as the outage at its Bonny Island facility drags on, with natural gas supplies plummeting by a staggering 80 per cent, a new report by Bloomberg has stated.
The report noted that the required gas supply has dropped by 80 per cent and only 20 per cent of the company’s needs are being met by available facilities.
This development, which has worsened in recent weeks, is a threat to the nation’s revenue streams and its projected 2025 dividends of N727bn, a 113 per cent growth from N346bn last year.
Vandalism and sabotage have curtailed operations at the plant and curbed exports of liquefied natural gas, or LNG.
Only two of the facility’s six processing units are currently functional, and three gas pipelines are down, Chief Executive Officer Philip Mshelbila disclosed last week at the Nigeria International Energy Summit in Abuja.
He attributed the operational challenges to persistent attacks on its gas pipelines by vandals.
