• Sunday, March 03, 2024
businessday logo

BusinessDay

Gasplus Synergy commends FG on new regulation in oil and gas industry

20230501_162117_0000

The management of Gasplus Synergy has commended Nigerian government agencies in the oil and gas industry for the new regulations designed specifically to ensure that gas projects and similar projects are successful in the country.

In appreciation of the Federal Government and its agencies’ commitment, especially through the “Decade of Gas”, the management of Gas Plus expressly called on private entities with facilities capable of accommodating and promoting the vision and objectives of the DLNG project to make such available to permit the early and speedy deployment of the project. According to the organisers, the Nigerian economy cannot afford further delays that will affect the early execution and implementation.

This was expressed at a one-day Gasplus NGML Domestic LNG Project workshop held in Lagos during the week.

According to Gasplus, “The authorities have been very proactive, the project is relatively new but with great potential for value creation and distribution across the economy, that is why stakeholders are working with them and making modifications where necessary”.

In his welcome address, Ken Etete revealed that Nigerians will benefit a lot from the project, especially domestic supply of LNG and de-carbonization for the environment, which is a major target, owing to the fact that diesel and other conventional fuels are not as friendly as gas, which is cleaner.

“The gas is locally produced; we are not importing it but it helps to reduce business expenditure. Companies that make use of diesel can now convert to LNG as it reduces their operational cost of power generation.

Justin Ezeala of NNPC Gas Marketing Limited said that the domestic LNG option has provided a lot of solutions to problems encountered in the past over the use of other conventional options and that was why they signed Gasplus.

“We entered into a relationship where the NNPC NGML and Gasplus have a partnership to bring domestic gas to the market,” he said.

He revealed that their plan in the next three years is to make domestic LNG provide 25 percent of NGML’s total portfolio. “With this, we will be able to avoid all the issues associated with pipeline gas, and pressure issues especially when you want it, domestic LNG will totally eradicate the cost margin.

“We are here for this workshop and we are dedicated to it. This partnership that we are putting in place with Gasplus is something that is going to work and we will be more efficient,” he said further.

Laurence Smith, chief operating officer, Lekki Ports, added that his company would ensure that there are smooth operations within the port infrastructure to support the receipt of Liquefied Natural Gas as well as its eventual distribution to the end user.