Strong indications emerged on Monday that the Nigeria National Petroleum Company (NNPC) Limited, stepped into the global Liquefied Natural Gas (LNG) market for the first time in 22 years.
The move is expected to strengthen Nigeria’s footprint in the global LNG market after the lifting that occurred from Bonny Island, Rivers State. The maiden LNG export from NNPC LNG Ltd, an arm of the NNPC Ltd, was a milestone achievement in about 22 years.
The event was attended by the Managing Director (MD), NLNG, Dr. Phillip Mshelbila and the NNPC team led by the Group Executive Director/Chief Financial Officer, Mr Umar Ajiya.
Others in the NNPC were the Group Executive Director, Gas & Power, Mr Mohammed Ahmed; Group Executive Director, Corporate Services, Mrs Aisha Farida Katagum; Group General Manager, NNPC LNG Investment Management Services (LIMS), Ms Nike Kolawole and MD NNPC LNG Ltd, Mr Adamu Umar.
Group General Manager, NNPC LNG Investment Management Services (LIMS), Ms Nike Kolawole, said the historic event was one of the several efforts by the nation’s oil company aimed at exploring viable business opportunities to improve the fortunes of the organisation.
“The import of this milestone given NNPC’s transition from a corporation to a limited liability company is that we are poised to generating additional revenues for NNPC Ltd, which aligns with the Petroleum Industry Act (PIA) and Companies and Allied Matters Act (CAMA), respectively,” she said.
Kolawole said with the successful entry of NNPC into the global LNG market, the company had strongly established its footprint and had become a key player in the international LNG business space.
She emphasised that the current NNPC Management is focused on supporting Federal Government’s initiatives which are geared towards deriving maximum value from gas production and utilisation.
Kolawole also noted that participating across the LNG value chain would expose the company to other benefits, beyond the dividends.
According to her, the NNPC’s present capacity to acquire volumes from the LNG market and trade such volumes at the global market was achievable due to visionary leadership of the Group Managing Director/Chief Executive Officer, Malam Mele Kyari and his management team that provided the enabling environment.
She expressed commitment to growing the business for the benefit of both the NNPC and the nation.
The NNPC-LNG Ltd is a wholly owned subsidiary of the NNPC Ltd with the mandate to manage Federal Government’s investments in the LNG businesses.