NNPC onfirms December for $10bn NLNG Train-7 FID

By November 29, 2019 Investment News

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, on Thursday said the Final Investment Decision on $10bn Nigeria Liquefied Natural Gas Train-7 would be executed in December.

He said this in Abuja while receiving the Chairman/Group Chief Executive Officer, Total Group, Patrick Pouyanné, and other senior management staff of the group, who paid him a visit.

In September, the NLNG Company named the SCD Group as the preferred bidder to construct the $10bn NLNG Train-7 project.

The Train-7 project is expected to boost the NLNG’s capacity from 22 million tonnes to 30 million tonnes.

Kyari told his guests that the corporation would continue to align its business processes with its partners in accordance with global best practices.

“We see Total Exploration and Production as a total partner. Total is one of the few multinational oil companies in Nigeria fully integrated with their visible footprints from the upstream to the downstream oil and gas sector,” the GMD stated.

He described Nigeria as the best investment destination in Africa with the largest growing economy and with a population of over 200 million that made it the largest market for oil and gas products in Africa.

Kyari urged the Total Group and other international oil and gas companies operating in Nigeria to take advantage of the abundant opportunities in the petroleum sector.

He assured the Total Group of the corporation’s unflinching partnership and implored them to bring to fruition all their ongoing investment portfolios for the benefit of the joint venture.

Pouyanné said Nigeria was very important to the Total Group, adding that the Egina FPSO was currently producing 200,000 barrels per day.

He reassured the corporation that the Total Group would continue to invest in more deep-water projects in Nigeria and described the NLNG project as a very important asset that his company was deeply committed to.

Source: Punch