The Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), Tony Attah, today in Lagos, publicly presented the company’s Facts and Figures on NLNG 2017 publication, a compendium of the NLNG business.
The publication was presented in the presence of the company’s Deputy Managing Director, Sadeeq Mai-Bornu; General Manager, External Relations, Kudo Eresia-Eke and Finance General Manager, Solomon Folaranmi.
Attah said during his presentation that Nigeria has the makings of a top quartile gas producing country, with potential to develop into a global gas powerhouse and increase its LNG market share. He added that the right business environment needed to exist for that transformation to come about.
“The Nigeria LNG Limited (NLNG) Fiscal Incentives Guarantees and Assurances Act (NLNG Act) allowed investments to flow into the country. It provided investors the confidence that any agreement entered into would be respected and preserved. To amend the Act will not help Nigeria in developing its vast gas resources, NLNG and its hopes for expansion. It will erode investors’ confidence that the Act provided in the first place.
Attah remarked that identified opportunities like the expansion of NLNG’s Bonny Island Plant with Trains 7 and 8 could be a catalyst to unleashing the country’s gas potentials. He said it was time for Nigeria to use gas to spur industrial and economic transformation.
He however, warned that some challenges may slow down progress towards achieving the country’s dreams, citing the proposed amendment of the Nigeria LNG Limited (NLNG) Fiscal Incentives, Guarantees and Assurances Act (NLNG Act) by the House of Representatives as a potential show-stopper.
“If the amendment is passed, the NLNG expansion project will be jeopardised and Nigeria will lose investments of US$ 1-3 billion annually in the Upstream to enable NLNG maintain current production capacity and gas developments. It means an immediate loss of foreign investment totalling US$25 billion in respect of Train 7 and 8 investments. Another impact will be the potential loss of about 18,000 jobs required for the construction activities of the Trains.
“An amendment or change in the NLNG Act portrays Nigeria as a promise-breaker and untrustworthy, damaging the country’s reputation and hamstringing its ability to attract foreign investment,” he pointed out.
NLNG is owned by four shareholders, namely, the Federal Government of Nigeria, represented by the Nigerian National Petroleum Corporation, NNPC (49%), Shell Gas BV, SGBV, (25.6%), Total LNG Nigeria Limited (15%), and Eni International (N.A,) N. V. S. a. r. l (10.4%).
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| L-R: Solomon Folaranmi, General Manager, Finance NLNG; Sadeeq Mai-Bornu, Deputy MD, NLNG; Tony Attah, Managing Director, NLNG and Kudo Eresia-Eke, General Manager, NLNG at the formal presentation of Facts & Figures on NLNG 2017 publication which held in Lagos on Wednesday, April 19, 2017. |
Attah said during his presentation that Nigeria has the makings of a top quartile gas producing country, with potential to develop into a global gas powerhouse and increase its LNG market share. He added that the right business environment needed to exist for that transformation to come about.
“The Nigeria LNG Limited (NLNG) Fiscal Incentives Guarantees and Assurances Act (NLNG Act) allowed investments to flow into the country. It provided investors the confidence that any agreement entered into would be respected and preserved. To amend the Act will not help Nigeria in developing its vast gas resources, NLNG and its hopes for expansion. It will erode investors’ confidence that the Act provided in the first place.
Attah remarked that identified opportunities like the expansion of NLNG’s Bonny Island Plant with Trains 7 and 8 could be a catalyst to unleashing the country’s gas potentials. He said it was time for Nigeria to use gas to spur industrial and economic transformation.
He however, warned that some challenges may slow down progress towards achieving the country’s dreams, citing the proposed amendment of the Nigeria LNG Limited (NLNG) Fiscal Incentives, Guarantees and Assurances Act (NLNG Act) by the House of Representatives as a potential show-stopper.
“If the amendment is passed, the NLNG expansion project will be jeopardised and Nigeria will lose investments of US$ 1-3 billion annually in the Upstream to enable NLNG maintain current production capacity and gas developments. It means an immediate loss of foreign investment totalling US$25 billion in respect of Train 7 and 8 investments. Another impact will be the potential loss of about 18,000 jobs required for the construction activities of the Trains.
“An amendment or change in the NLNG Act portrays Nigeria as a promise-breaker and untrustworthy, damaging the country’s reputation and hamstringing its ability to attract foreign investment,” he pointed out.
NLNG is owned by four shareholders, namely, the Federal Government of Nigeria, represented by the Nigerian National Petroleum Corporation, NNPC (49%), Shell Gas BV, SGBV, (25.6%), Total LNG Nigeria Limited (15%), and Eni International (N.A,) N. V. S. a. r. l (10.4%).
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