By Charles Ike-Okoh
TUE 15 JUNE, 2021-theGBJournal- President Muhammadu Buhari said today as he flagged-off the Train 7 Nigeria LNG project, that he looks forward to development and execution of more gas projects by the international oil companies and the indigenous operators and more Trains from Nigeria LNG to harness the over 600 trillion cubic ft of proven gas reserves that the country is endowed with.
The massive $7.6 billion Nigeria LNG project, seen mostly as the President’s signature project, came back on board in July 2018 when the contract for the Front End Engineering Design (FEED) was signed between Nigerian Liquefied Natural Gas Company (NLNG), the NNPC and other Joint Venture partners, Shell, Total and AGIP.
‘’This ground breaking ceremony to herald the Train 7 project construction affords me the opportunity to congratulate Nigerian LNG and its shareholders-NNPC, Shell, Total and ENI- for proving that a Nigerian company can operate a world class business-safety, profitability and responsibly,’’ the President said.
The story of the Nigerian LNG is one the President says he has been assiduously associated with during the formative years of the LNG project.
As Minister of Petroleum Resources he kicked-off the country’s first LNG business in 1978 at the time it was already apparent that Nigeria was a gas rich country.
‘’It therefore gives me great joy to see the organisation transform from just a project in the early 90s to a successful company with over 20 years of responsible operations and steady supply of liquefied natural gas, liquefied petroleum gas and natural gas liquid into the global market.
According to the President, ‘’this is proof that Nigeria has great capacity to deliver value to the world by harnessing our natural resources.’’
The President noted that Nigeria is clearly at a stage where the country’s vast gas resources will continue to grow well into the future adding that the focus of his administration is to boost the development of Nigeria’s abundant gas resources, to strengthen the gas value chain, develop the much needed infrastructure and enhance safe operations in the sector as outlined in the national gas policy of 2017.
‘’Through the Decade of Gas Initiative which I recently launched, we will transform Nigeria into a major gas and industrialised nation with gas playing the key role as revenue earner, fuel for industries and natural feeds for petrochemicals and fertilizer plants.’’
He said he is proud that NLNG has proven the viability of the gas sector over the years currently contributing about 1% to Nigeria’s GDP.
The President underscored his statement by recounting the achievements of the Nigeria LNG. He noted that NLNG has generated US$114 billion in revenues over the years, US$29 billion in taxes, US$80 billion in dividends to the Federal Government and US$15 billion in feed gas purchase.
‘’These are commendable accomplishment by the company’s 100% Nigerian management team, and with this level of performance, I can only hope that the company continues to grow starting with this Train 7 project but also positioning Nigeria to thrive through the energy transition.’’
He urged the board of directors, management and staff if LNG, the host communities, the Rivers State Government and agencies of the Federal Government to continue to collaborate to ensure completion and eventual commissioning of the Train 7 Project safely and on time so that Train 8 can start.
Timipre Sylva, Minister of State for Petroleum Resources who spoke earlier said told shareholders that ‘’the ground breaking of Train 7 is a guarantee to every stakeholder of more dividends in terms of further reduction in gas flaring, more revenue to the nation and shareholders, more job opportunities especially at the construction phase and more social investments for the society”-
According to Anthony Attah, MD/CEO NLNG, “Nigeria has ridden on the back of oil for over 50 years, but with this Train 7 project Nigeria is now set and I believe it is now time to fly on the wings of gas”-
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