Nigerian Liquefied Natural Gas, NLNG, Tuesday, warned that Nigeria risks losing its market share in the international gas market, as well as dwindling gas export if it fails to make new investments in gas development.
The company also stated that it’s 97 per cent ready to take Final Investment Decision, FID, on its capacity expansion project, the Train 7 project.
The Train 7 project is expected to expand NLNG’s production capacity by 35 per cent from 22 Million Tonnes Per Annum (MTPA) to 30 MTPA. At peak construction, the Train 7 project is projected to provide direct, indirect and induced employment of about 40, 000 jobs if looked holistically over the next six year window.
Speaking in Bayelsa, at the ongoing 9thPractical Nigerian Content, Managing Director/Chief Executive Officer, Nigeria LNG Limited, Mr. Tony Attah, said: “In LNG exports and market share by market, Qatar leads the chart with 78.7MT, 24.9 percent, follows by Australia, with 68.6MT, 21.7 percent while, Nigeria sit at 5th , with 20.5MT and 6.5 percent.
If we do not take new FID investments in Trains, Nigeria may continue to drop from 5th to 10th position by 2025. “We are here to enable gas. Nigeria has ridden on the back of oil for more than 50 years, it is now time to fly on the wings of gas.”
“The next big deal for capacity building for Nigeria through NCDMB is the NLNG Train 7. We are 97 percent prepared, waiting to take the FID of the project. In March this year, we signed the Train 7 Nigeria Content Plan, NCP, with NCDMB, a big step towards kick starting the huge gas project that would create a flurry of activities in the oil and gas sector and contribute immensely to the nation’s economy
“This project will deliver about 40, 000 jobs if looked holistically, over a six year window. We believe the future is bright for Nigeria and gas in the future. We have more gas than oil in Nigeria. ”