THE Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, have urged shareholders and the board of the Nigerian Liquefied Natural Gas, NLNG, to approve the completion of Train 7 project to make the company more competitive in the global gas market. It said the completion would enable the country to end gas flaring by harnessing the flared gas for domestic use and for export as well.
At the 4th Triennial Delegates Conference of PENGASSAN Branch of the NLNG, Francis Olabode Johnson, its president, said that Train 7 project was established to further exploit the emerging global market demand for LNG and to remain competitive. He added that there would be a potential drop in global LNG price due to competition as there is likelihood of increase in the number of suppliers by 2017
He said: “We expect that in the face of a drop in crude oil price and glut in global crude oil market, LNG would have become another veritable source of revenue and foreign reserve for the government and the company. Train 7 completion will definitely increase the company’s share of global market, enhance flare reduction or total flare out, and attract $10 billion foreign direct investment, FDI, with zero cash out from the government. Other benefits of Train 7 will bring on completion are job creation through the construction of the plant in Bonny and construction of gas pipelines in other communities; increase the capacity to meet domestic market demand, and maximise the Nigeria Content Development Act through local capacity building.”
Johnson urged the government to give priority to domestic gas utilisation over export, enhance gas utilisation with full reappraisal of the Gas Master Plan, and adequately fund the NLNG’s operations. He also urged the government to extract commitment on gas flare-down to the nearest predictable timeline from the oil and gas companies operating in the country and find lasting solution to incessant vandalism of gas pipelines.
— Jul 13, 2015 @ 01:00 GMT