NLNG has announced it has commenced preliminary work on Trains 8, 9 and 10 as it looks to expand its liquefied natural gas (LNG) production beyond the ongoing Train 7 project.
The gas company also called on Nigeria to hasten the commercialisation of its abundant natural gas resources before the global energy transition closes the window of opportunity.
The Managing Director and Chief Executive Officer (CEO) of NLNG, Mr Adeleye Falade, disclosed this at the presentation of NLNG Facts and Figures, an engagement aimed at providing insights into NLNG’s business performance, strategic priorities and contributions to Nigeria’s energy sector and sustainable development in Lagos on Tuesday.
He said: While the completion of Train 7 is the company’s immediate priority, it has already begun strategic discussions and technical assessments to underpin the next phase of expansion.
He said the proposed projects were designed to reinforce Nigeria’s position in the global LNG market and to maximize the value that could be derived from the country’s gas resources.
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“We’re looking at Train 7 right now, but we have begun discussions on what it would take to go to Trains 8, 9 and 10. “We have to keep growing. We have people in the company already working on what that future looks like,” he said.
NLNG boss also highlighted the company’s contribution to Nigeria’s economy since it commenced operations.
The company, he said, has generated more than $149.6 billion in revenue over the years, and paid close to $50 billion in dividends to shareholders, including to the federal government.
He said NLNG has also emerged as one of the highest corporate taxpayers in Nigeria since the expiration of its pioneer tax status, paying about $10 billion in taxes, while consistently earning recognition from the Federal Inland Revenue Service as one of the most tax-compliant companies in the country.
Falade stressed that Nigeria is still more of a gas nation than an oil nation but warned that having huge reserves alone would not guarantee future prosperity.
“We have gas resources in abundance, but what matters is what we do with them. The energy transition has not progressed far enough yet for there to be a window of opportunity to monetise these resources. “If we don’t act now, we may lose a lot of value,” he said.
He noted that while natural gas is widely recognised as the transition fuel in the global quest for cleaner energy, countries with substantial gas reserves must act quickly to develop infrastructure, attract investment and commercialise their resources.
