The Nigerian National Petroleum Company Limited (NNPCL) held talks with a South Korean consortium led by Daewoo E & C on the development of gas projects in Nigeria.
NNPCL said in a statement issued in Abuja on Tuesday that the discussions held in Seoul, South Korea, were aimed at deepening the oil company’s drive to tap into the nation’s vast gas resources to be a supplier of clean and affordable energy to the global market.
“South Korea is a major destination for Liquefied Natural Gas exports, and the consortium, in collaboration with the Korean Export-Import Bank, has expressed interest in advancing discussions on investing in greenfields and other gas development opportunities,” NNPCL stated.
It said the talks would pave the way for the execution of a Memorandum of Understanding that would unlock strategic foreign direct investment in line with the Federal Government’s policy of making Nigeria a prime destination for global investors.
This came as the Group Chief Executive Officer, NNPCL, Mele Kyari, congratulated Temile Development Company, an indigenous player in the gas sector, on the commissioning of its 23,000 cubic meters ultra-modern Liquefied Petroleum Gas carrier in Ulsan, South Korea.
Kyari said the vessel named Alfred Temile 10 represents a significant stride towards deepening the utilization of gas in the country and growing gas revenues.
“It is great that Temile Development Company is able to complete the construction 23kt LPG vessel. This will go a long way towards improving access to LPG in the domestic market and providing cleaner fuel in our country.
“Nigeria’s objective is to ensure that everyone has access to clean energy and, particularly, walks away from biomass as a source of energy. We know this is good, and that is why we will continue to support it,” he stated.
The national oil company’s boss disclosed that NNPCL, alongside its partner, West Africa Gas Ltd., was building its own vessels.
This, he said, would boost LPG supply in Nigeria to saturate the market.
NNPCL, a state-owned enterprise that plays a central role in the Nigerian gas sector, has been involved in exploration and development activities in various gas fields across Nigeria, including the Ajaokuta, Escravos, and Zabazaba fields.
These projects aim to increase the country’s gas reserves and production capacity, and the company has been wooing both local and international firms to invest in the industry.
NNPCL partners with international oil companies in joint venture agreements for gas exploration and development. Some notable examples include the Shell Petroleum Development Company joint venture and the Nigerian Agip Oil Company joint venture.
The national oil company also owns and operates several gas processing plants across Nigeria, including the Escravos Gas Processing Plant and the Bonny Gas Processing Plant. These plants remove impurities from natural gas to make it suitable for transportation and utilization.
