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Nigeria’s NNPC Inks Floating LNG Deal with Foreign Firm

The Nigerian Nigerian Petroleum Company has penned an agreement with Golar LNG to deploy a floating liquefied natural gas (LNG) vessel off the coast of its oil-rich Niger Delta region. The West African country holds Africa’s largest gas reserves of over 200 million trillion cubic feet and seeks investments to boost output. Tagged Project Development Agreement (PDA), it aims to utilize about 500 million standard cubic feet of gas per day, producing LNG, propane, and condensate. According to the NNPC’s spokesperson, Olufemi Soneye, both entities agreed to achieve a Final Investment Decision (FID) on the project before 2024 ends. It is the second floating LNG agreement the state firm has signed in the past year, following two other LNG agreements to increase domestic supplies and exports. The project is on course for a 2027 launch.