The Nigerian National Petroleum Company Limited has met with a South Korean consortium led by Daewoo E & C to discuss the development of gas projects in Nigeria.
According to The PUNCH, NNPCL said in a statement issued in Abuja on Tuesday that the discussions in Seoul, South Korea, intended to strengthen the oil company’s push to tap into the country’s massive gas resources in order to supply clean and affordable energy to the worldwide 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 greenfield and other gas development opportunities,” the company said.
It stated that the negotiations will pave the way for the signing of a Memorandum of Understanding to unlock strategic foreign direct investment in accordance with the Federal Government’s aim of making Nigeria a top destination for global investors.
This happened as NNPCL’s Group CEO, Mele Kyari, congratulated an indigenous gas company, Temile Development Company, on the commissioning of its 23,000 cubic meters ultra-modern Liquefied Petroleum Gas carrier in Ulsan, South Korea.
Kyari stated that the vessel, named Alfred Temile 10, represents a big step towards deepening gas utilization in the country and increasing gas revenue.
“It is fantastic that Temile Development Company was able to complete the construction of the 23kt LPG vessel. This will significantly improve accessibility to LPG in the domestic market and providing cleaner fuel in our country.
The CEO of the national oil firm revealed that NNPCL and its partner, West Africa Gas Ltd, were building their own vessels.
This, he added, will increase LPG supply in Nigeria, saturating the market.
NNPCL has been involved in exploration and development efforts in several gas fields around the country, including Ajaokuta, Escravos, and Zabazaba.
These initiatives seek to boost the country’s gas reserves and production capacity, and the corporation has been attracting both local and international firms to invest in the industry.
NNPC collaborates with multinational oil firms in joint ventures for gas exploration and development and two major instances are the Shell Petroleum Development Company joint venture and the Nigerian Agip Oil Company joint venture.
The national oil firm also owns and operates many gas processing plants in Nigeria, notably the Escravos Gas Processing Plant and the Bonny Gas Plant. These plants purify natural gas so that it can be transported and used safely.