…As NNPC calls for quick passage of PIB
The Nigeria Liquefied Natural Gas (NLNG) project located at Bonny and toted as one of the biggest success stories of the Nigerian oil and gas industry has generated $90 billion in revenue, as well as $30 billion dividends and contributed 4 per cent to the country’s Gross Domestic Product since its inception in 1995.
Maikanti Baru, who is the group managing director (GMD) of NNPC, stated this Monday in Abuja while speaking on the Nigerian Television Authority (NTA) morning talk show, “Good Morning Nigeria’ with the topic: ‘Nigeria Lingering LNG Projects.’
In a statement signed by Ndu Ughamadu, NNPC’s group general manager, group public affairs division, Baru also urged the National Assembly to pass the Petroleum Industry Bill (PIB) into law to dispel the air of uncertainty around the industry, create an enabling environment for it to flourish and dissuade International Oil Companies (IOCs) from exiting the country.
Baru noted that the long delay in the passage of the PIB had led to uncertainty in fiscal terms, while the recent move by the National Assembly to amend the NLNG Act had also dampened the optimism of investors in the industry.
“The Review of the NLNG Act by the National Assembly is causing a challenge for the Federal Government and the IOCs and it is sending wrong signals to the international community about how business is done in the country,” he said.
The NNPC helmsman stressed that the NLNG market was growing at a tremendous rate, disclosing further that between now and the year 2030, the market is projected that the market would grow by 65 per cent.
He said the market for LNG was there and that the Federal Government would do everything to take advantage of the opportunity.
Baru informed that the Federal Government would do everything to ensure the take-off of Bonny NLNG Train 7 and the Brass LNG in the months ahead after which the Olokola LNG would come on board if the fundamentals were strong.
According to him, NNPC was refocusing on the Brass LNG project and rebuilding the confidence of investors in it after the exit of Conocophillips a few years ago, assuring that Nigerians and the Federal Government would gain a lot from the project in terms of taxes, royalties and profits.
He noted that when the project comes on stream, it would create massive employment opportunities for Nigerians.
“We are refocusing on Brass LNG and rebuilding the confidence of the IOCs in the project. It has a lot to do for Nigerians as it will create employment opportunities and create more revenue opportunities for the Federal Government. We will continue to put the right enablers in place for the project to go on,” Baru averred.
Baru noted that the focus of the industry was to ensure stable security of investment, personnel and investors and to ensure that all community issues were addressed in order to boost revenue for the government and investors from the industry.
On his part, former GMD of the NNPC, Jackson Gaius Obaseki, commended the current leadership of NNPC for its commitment to the growth and development of the Nigerian oil and gas industry.
Obaseki affirmed that the leadership has what it takes to make the Bonny NLNG Train 7, Brass LNG project and OK LNG to materialize.
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