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NNPC, TotalEnergies to invest $550 million in gas projects in Nigeria – Report  

June 19, 2024
in News
NNPC, TotalEnergies to invest $550 million in gas projects in Nigeria – Report  
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Nigeria National Petroleum Corporation (NNPC) Limited alongside French energy major, TotalEnergies, will invest a swooping sum of $550 million to develop gas facilities in oil-rich Rivers State.  

Sources within the NNPC informed Reuters on Wednesday that the deal is a partnership between the national oil company and the French international oil giant. 

The NNPC source said an announcement would be made this week. 

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Reuters reported that the investment project will encompass the development of a gas processing plant along with the construction of an extensive pipeline network traversing the Niger Delta region.  

The source said the initiative aims to enhance the region’s energy infrastructure, ensuring efficient processing and transportation of natural gas across the area. 

The gas processing facility, to be constructed at the Ubeta onshore gas field jointly owned by Total and NNPC, will supply gas to the Nigeria Liquefied Natural Gas (NLNG) plant. 

NLNG is a consortium involving NNPC, Shell, Total, and Italy’s Eni. 

Upon completion, the plant is expected to produce 350 million standard cubic feet of gas per day and 10,000 barrels per day of associated liquids, according to the source. 

What this means for Nigeria’s Gas Sector Nigeria, which holds Africa’s largest natural gas reserves of over 200 trillion cubic feet, currently flares – or burns off – gas from its oil fields. This practice is largely due to the country’s insufficient processing infrastructure and capital constraints. The recent investment in gas processing infrastructure represents a significant shift.  It highlights the potential for better utilization of Nigeria’s vast natural gas resources, reducing the wasteful practice of flaring. Analysts suggest that this investment could signal the success of President Bola Tinubu’s efforts to attract investment into Nigeria’s energy sector.  

The administration has been actively working to create a more favourable environment for investors. 

If successful, these investments could transform Nigeria’s energy landscape, making the country a major player in the global natural gas market while addressing environmental concerns associated with gas flaring. 

“The government will hope this offers confidence not only in the quality of the Nigerian resource base but also in the government’s pledge to improve ease of doing business,” Clementine Wallop, director, of sub-Saharan Africa at political risk consultancy Horizon Engage, said. 

Divestment Strategy through Investment in Gas  

The shift from oil to gas diversification in Nigeria’s oil and gas sector has been underway for decades, driven by the country’s abundance of gas reserves compared to crude oil reserves. 

The shift to gas has also been consolidated by President Tinubu with the signing of new executive orders to boost the gas industry in the country. President Tinubu also inaugurated three different gas plants, aiming to boost gas production in the country by at least 25%. The gas plants are located in Delta and Imo respectively. In addition, NNPC signed a recent deal with a North American firm, Golar LNG, to float Liquefied Natural Gas (LNG) offshore in the Niger Delta region. The deal includes  a Project Development Agreement (PDA) that aims to utilize approximately 400-500mmscf/d and produce LNG, LPG (cooking gas) and Condensate in the country. The spokesperson for NNPC, Olufemi Soneye said while the initial project development agreement was sealed by both parties— NNPC and Golar— the final agreement is expected to be concluded before the fourth quarter of this year. 
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Copyright for syndicated content belongs to the linked Source : Nairametrics – https://nairametrics.com/2024/06/19/nnpc-totalenergies-to-invest-550-million-in-gas-projects-in-nigeria-report/

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