Nigeria’s liquefied natural gas company, NLNG, has said it plans to boost Nigeria’s gas production by looking at supply, infrastructure, as well as the business or economic framework needed to approach the construction of gas pipelines, for example. through the ongoing NLNG Train 7 project. .
This was revealed by Mr. Phillip Mshelbila, Managing Director of Nigeria LNG Ltd during the Nigerian Oil and Gas (NOG) 2022 Conference in Abuja during a panel discussion on the topic “Harnessing opportunities in the Nigerian gas sector.”
Meanwhile, other stakeholders including Mr. Roger Brown, Managing Director of Seplat Energy Plc, said issues faced by industry players include currency convertibility to allow equipment to be imported in dollars, primarily having an income stream in naira.
What they say
The NLNG leader said there was a need for a collaborative and comprehensive solution to the problem which was already factored into the federal government’s gas decade plan.
He stated“What a lot of people may not know is that we actually have the shot captured as part of the Gas Decade.
“It’s a great job. He looked at the demand for natural gas in Nigeria, domestic and export.
He added that Nigeria’s gas plan has “He looked at the supply, then the infrastructure, then the business or economic framework needed to solve all of this. And he described very specific things that need to be done to fix it”.
The plan includes the ongoing NLNG Train 7 project as well as the gas to power initiative which would boost industrial growth in the country.
Seplat’s boss, Mr. Roger Brown, said “there is a wall of money ready to come into this country, but they are looking at barriers to that and one of the biggest barriers is currency.
“So currency convertibility, you know, bringing equipment in dollars and then having a revenue stream mostly in Naira.
“These things are fixable. We have to put them in place in any number of big projects and really exciting projects. And what I love about the economy here in Nigeria is that it’s amazingly good.”
Regarding the increase in supply, he hinted that the $700 million ANOH gas processing company being built by Seplat and NNPC in Asaa, Ohaji/Egbema, Imo State, was almost over.
He said that when completed, it would provide gas to boost much-needed electricity supply to millions of homes and businesses across Nigeria to facilitate better living standards and boost economic growth.
In case you missed it
- Nairametrics reported that the Nigerian Oil and Gas Index became the best performing index with a gain of 58% in the six months ended June 30, 2022, while the Nigerian All Share Index closed the first half. 2022 with a gain of around 21.17%. year-to-date (YTD), making it one of the best performing stock markets in the world.
- According to data from the Nigerian Exchange Limited tracked by Nairametrics, the oil and gas index which measures the performance of oil and gas companies listed on the NGX rose 58% or 200.33 basis points to close at 545.34 points. index relative to the opening index. of 345.01 index points at the start of 2022 trading on January 4, 2022.
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