NIPCO DROPS $3BN BOMB – FLOATING LNG SHOCKER JOLTS OIL & GAS SECTOR!
PHOTO CAPTION
L – R: Managing Director , NIPCO Gas Ltd ,Nagendra Verma ; Group Executive Director, NIPCO Plc , Alhaji Abdulkadir Aminu; Chairman, Chief Bestman Anekwe; and Managing Partner P.C OBI & CO , Company Secretaries,NIPCO Group , Paul Chukwuma Obi , SAN during the announcement of the group Floating LNG project in Nigeria held at the company’s office in Abuja.
GREATRIBUNETVNEWS–“In what promises to be a major breakthrough for Nigeria’s gas economy, NIPCO Group has announced plans to develop a Floating Liquefied Natural Gas project in Nigeria with an estimated investment in excess of $3 billion.”
Escravos, Akwa Ibom Battle For 3MMTPA Mega Plant!
“NIPCO Shakes Oil & Gas Industry with $3bn Floating LNG Plan, Targets 3MMTPA Production.”
POWER PLAY IN ABUJA:
“The historic announcement was made at a high-powered press conference in Abuja by the Managing Director of NIPCO Gas Ltd, Nagendra Verma, alongside the company’s top hierarchy led by the Chairman, NIPCO Group, Chief Bestman Anekwe, Group Executive Director, Corporate Services, Alhaji Abdulkadir Aminu and Company Secretary, Paul Chukwuma Obi, SAN.”
WHERE THE MONEY WILL LAND:
“Verma disclosed that the proposed project, which will mark NIPCO’s strategic entry into the Liquefied Natural Gas sector, is being considered for locations in the Escravos area of Delta State and the Akwa Ibom region.”
EXPORT + LOCAL DOUBLE STRIKE:
> “This proposed development is envisaged to comprise an FLNG facility along with associated marine and export infrastructure with the potential to serve both the international LNG market and growing domestic LNG demand in Nigeria.”
The proposed development , is expected to represent a significant investment currently estimated in excess of $3bn,” Verma stated.
He explained that the final location will be determined after the ongoing feasibility study, stressing that the Group is looking at strategic locations that will facilitate access to upstream gas resources, LNG processing, marine transportation and both international and domestic markets.
According to him, NIPCO has been evaluating the project for the past six to nine months and is currently undertaking preliminary technical, commercial and feasibility assessments covering upstream gas supply and reserves, FLNG technology and configuration, LNG production capacity, marine and export infrastructure, domestic supply opportunities, shipping and logistics, project economics and financing structure.
He said the proposed facility is envisaged to produce approximately 3 million metric tonnes per annum, subject to feasibility studies, regulatory approvals and Final Investment Decision, while NIPCO is also evaluating shipping and logistics infrastructure required to support both export and domestic LNG supply.
Verma said NIPCO Group is one of Nigeria’s leading integrated energy and infrastructure groups with investments spanning downstream oil and gas, natural gas distribution, CNG, LPG, propane, pipeline infrastructure, logistics, retail and hospitality, having over the years developed a significant energy infrastructure footprint across Nigeria .
He recalled that the has invested approximately US$2 billion in the country’s oil and gas sector covering pipeline infrastructure, CNG facilities, fuel retail outlets, AGO and PMS infrastructure, LPG and propane facilities, logistics and distribution networks, among other energy-related investments.
The presence of Chairman Chief Bestman Anekwe at the briefing alongside the top hierarchy including it’s Group Executive Director, Corporate Services Alhaji Abdulkadir Aminu and the Company Secretary ,Paul Obi ,SAN underscored the strategic importance the Group inaugurated 22 years ago attaches to this new frontier.
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