The Nigerian National Petroleum Company Limited (NNPCL) has reopened discussions with investors to revive two major Liquefied Natural Gas (LNG) projects—Brass and Olokola LNG—valued at a combined $29.8 billion. These projects, long stalled due to unfavourable market conditions and slow political decision-making, are now gaining renewed attention as Nigeria seeks to expand its gas capacity and diversify its energy revenue streams.
Speaking at the 2024 Gas Technology Conference and Exhibition (Gastech) in Houston, Texas, NNPCL’s Chief Financial Officer, Mr. Umar Ajiya, announced that efforts to bring the $20 billion Brass LNG project in Bayelsa State and the $9.8 billion Olokola LNG plant in Ogun State back on track are underway. Once completed, these projects are expected to boost Nigeria’s gas output by over 22 million tonnes per annum, create thousands of jobs, enhance domestic energy supply, and support the nation’s transition to cleaner energy.
Ajiya credited Nigeria’s changing policy landscape, particularly the Petroleum Industry Act (PIA) of 2021 and the Presidential Executive Orders on Oil & Gas Reforms, for creating a more attractive environment for investors. He emphasised that timely decision-making is crucial as Nigeria competes with other nations for investment in its abundant gas resources.
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