President Muhammadu Buhari has flagged off the Train 7 project of the Nigerian Liquefied Natural Gas (NLNG) which is expected to attract about $10 billion investments.
The president during the virtual and physical ground-breaking ceremony at NLNG in Bonny Island of Rivers state, said, “NLNG has generated $114 billion in revenues over the years, paid $9bn in taxes; $18bn in dividends to the federal government and $15bn in feed gas purchase.
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“These are commendable accomplishments by the company’s 100 percent Nigerian Management Team. With this level of performance, I can only hope that the company continues to grow, starting with this Train 7 project but also positioning Nigeria to thrive through the energy transition.”
Buhari also set some yardsticks for the project as he said, “As we flag off the Train 7 project today, I look forward to the development and execution of more gas projects by the IOCs and indigenous operators, and more trains from Nigeria LNG to harness the 203 trillion cubic feet (TCF) of proven gas reserves, thus opening the door of opportunities to further unlock our country’s huge gas reserves estimated at more than 600tcf.”
Minister of State for Petroleum Resources, Chief Timipre Sylva, who was on ground to perform the ground-breaking ceremony on behalf of President Buhari said the coming on stream of the NLNG has helped to cut down gas flaring from 65% to a mere 12 % in the last decade.
“One of the remarkable benefits is that the nation’s operational flare status has reduced drastically from 65% when Nigeria LNG came into operation to about 12% today”, he said.
Managing Director of NLNG, Mr Tony Attah, said the project would stimulate inflow of more than $10 billion Foreign Direct Investment to Nigeria, create 12,000 direct and over 40,000 indirect jobs, stressing that the decision to begin the Train 7 project was to improve on domestic gas utilisation and investments in the sector in the country.
He said the project will expand the capacity by 35% from 22MTPA to 30MTPA.
“With 206TCF of proven gas reserves and a potential additional 600TCF, I believe that Train 7 will be an inspiration and a catalyst for Trains 8, 9, 10 and even to 15 in line with the recent declaration of “Decade of Gas” by Mr President.”