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  • Oil & Gas - News
  • Updated: January 31, 2024

NNPC explores gas projects in talks with South Korean consortium

NNPC explores gas projects in talks with South Korean consor

The Nigerian National Petroleum Company Limited (NNPC Ltd) has met with a South Korean consortium led by Daewoo E&C, with Mele Kyari, the company's Group Chief Executive Officer, overseeing the negotiations in Seoul, South Korea.

The purpose of these discussions is to investigate the potential for gas project development in Nigeria according to Olufemi Soneye, Chief Corporate Communications Officer at NNPC Ltd.

The main purpose is to strengthen NNPC Ltd.'s commitment to maximising the country's vast gas resources.

The consortium, in partnership with the Korean Export-Import Bank and South Korea, a significant market for liquefied natural gas (LPG) exports, has indicated interest in advancing talks on funding greenfield and other gas development options.

The negotiations would open the door for a Memorandum of Understanding to be implemented, which would allow for the inflow of strategic foreign direct investment in keeping with the administration of President Bola Tinubu's goal of making Nigeria a top investment destination worldwide.

In Ulsan, South Korea, Kyari congratulated Temile Development Company, an indigenous participant in the gas industry, on the commissioning of its state-of-the-art 23,000-cubic-meter LPG carrier.

According to the GCEO, the Alfred Temile 10 vessel marked a major advancement in increasing domestic gas consumption and boosting gas income.

“It is great that Temile Development Company is able to complete the construction of the 23kt LPG vessel.

“This will go a long way in improving access to LPG in the domestic market and provide cleaner fuel in our country.

“Nigeria’s objective is to ensure that everyone has access to clean energy and particularly walk away from bio-mass as a source of energy. We know this is good and that is why we will continue to support it,” Kyari said in the statement.

He added that to fully dominate the market, NNPC Ltd. and its partner West Africa Gas Ltd. (WAGL) were constructing their ships to increase the supply of LPG in Nigeria. 

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