…Signs PDA on 400-500mmscf Gas Deal, Eyes FID Before December End 2024
The Nigerian National Petroleum Company Limited has signed a Project Development Agreement (PDA) with Golar LNG to deploy a floating LNG facility offshore the Niger Delta, Nigeria, as part of its efforts to commercialise the country’s abundant natural gas resources.
Accordimg to a press release signed by the Chief Corporate Communications Officer, NNPC Limited, Abuja, Olufemi Soneye, said that the signing ceremony, which took place on Monday 10th June, 2024, was attended from the NNPC Limited side by the Chief Financial Officer, Umar Ajiya; Executive Vice President, Gas Power & New Energy, Olalekan Ogunleye and Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan while the Golar LNG team was led by – Karl Fredrik Staubo (CEO).
The PDA is another major milestone achievement towards ensuring gas commercialization through deployment of an FLNG Facility in Nigeria, which is in line with Mr. President Bola Ahmed Tinubu’s resolve to rapidly commercialize Nigeria’s gas assets for the economic prosperity of the Nation.
The agreement aims to monetize vast proven gas reserves from shallow water resources offshore Nigeria. The PDA also outlines the monetization plan that will utilize approximately 400-500mmscf/d and produce LNG, LPG and Condensate.
The Partners, NNPC Limited and Golar LNG have both expressed their commitment to achieve Final Investment Decision (FID) before end of Q4, 2024 and first gas by 2027.
Golar LNG Limited is a renowned independent owner and operator of LNG infrastructure, including carriers, floating storage and regasification units (FSRUs), and floating liquefaction (FLNG) vessels.
