Wednesday, 20 February 2013

FG to produce 400 million tons of LNG annually

The Federal Government plans to attain 400 million tons of Liquefied Natural Gas (LNG) production per annum in line with the Gas Revolution
Project, an official said on Wednesday.

The Group Managing Director (GMD) of the NNPC, Mr Andrew Yakubu, made the statement shortly after declaring open the 13th Nigerian Oil and Gas Conference and Exhibition.
"We want to situate ourselves to capture the global and domestic markets.

We are still being featured in the radar of contribution to LNG which is expected to grow to over 400 million tons by 2030. There is also special emphasis on domestic consumption to support the aspiration of President Goodluck Jonathan on power supply,'' he said.

He said the NNPC was working hard to develop the gas sector in order to fast track the Gas to Power Project which would ensure stability in power supply to Nigerians.

On the Trans-Sahara Pipeline Project, he said it was still on the drawing board and that the NNPC was working with the relevant authorities to remove the grey areas in its implementation.
He called on both domestic and foreign investors in Nigeria’s gas sector as there was huge potential there.

He expressed optimism that the quick passage of the Petroleum Industry Bill (PIB) currently before the National Assembly would go a long way in transforming the oil and gas sector.
"When the PIB is passed, we believe it will add value to the oil and gas industry,” he said.
He called on the National Assembly and other stakeholders to expedite action on the bill in the interest of Nigerians.

He said the Nigerian Content Act had made positive impacts on the development of the Nigerian oil and gas sector. He, therefore, called on indigenous oil and gas companies to take advantage of the law and invest, especially in the upstream sector.

The conference, which ends on Thursday, is being attended by more than 1,000 delegates, including major oil companies, captains of industry and
key players in the Nigerian energy sector.


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