The largest oil producer in Africa has some of the largest gas reserves in the world and is looking for investment to increase its domestic production and exports.
State oil company of Nigeria announced late on Wednesday that it had signed a memorandum of understanding (MoU) with Golar LNG of Norway to construct a floating liquefied natural gas (LNG) plant there.
The largest oil producer in Africa has some of the largest gas reserves in the world and is looking for investment to increase its domestic production and exports. Nigeria, the largest oil producer in Africa, has some of the largest gas reserves in the world and is looking for investment to increase its domestic production and exports.
The MoU was signed in the federal capital of Abuja, according to the Nigerian National Petroleum Corporation Limited (NNPC), on Twitter, by NNPC CEO Mele Kyari and Golar CEO Karl Fredrik Staubo.
Additional information was not provided by the company, and requests for comment were not answered. In the past, Golar has expressed intentions to establish a power plant project in Nigeria that might utilise one of its vessels to import LNG.
As part of the ongoing construction of the Trans-Saharan Gas Pipeline, a 614km (381.5 miles) long natural gas pipeline starting in northern Nigeria, Nigeria also recently signed an MoU with Algeria and the Niger Republic.
The pipeline, which was first proposed in the 1970s, is expected to pass through northern Nigeria, into Niger and Algeria, and eventually connect to Europe. However, there is no official word on when it will be finished.
A for-profit oil company in Nigeria is called NNPC Limited. In July 2022, it changed from being a corporation owned by the government to becoming a limited liability company. The only organisation with a licence to work in the nation’s petroleum sector is NNPC Limited.
To utilise Nigeria’s fossil fuel resources, it collaborates with foreign oil companies. The Federal Ministry of Petroleum and Energy Resources and the Nigerian National Oil Corporation were combined to form the NNPC on April 1, 1977.