NIPCO plans $3bn floating LNG project in Nigeria

NIPCO Gas says it is considering a floating liquefied natural gas project in Nigeria that could require more than $3bn in investment if feasibility studies, regulatory approvals and a final investment decision support the plan.

The company said the proposed project is being assessed for possible locations around Escravos in Delta State and Akwa Ibom. Managing Director Nagendra Verma gave the details at a press conference on Thursday.

The planned facility would have an estimated production capacity of about three million tonnes of LNG a year. NIPCO said the project would include a floating LNG facility and related marine and export infrastructure.

Verma said the project could supply both the international LNG market and domestic demand in Nigeria. The company also said the proposal is still at a planning stage and depends on the outcome of studies and approvals.

NIPCO described the plan as a possible entry into the liquefied natural gas sector. The company is already active in Nigeria’s gas market, including compressed natural gas operations.

Source: Punch