Nigeria is predicted to earn not less than $50bn from the Olokola Liquefied Gas project when it becomes fully operational.
The Managing Director of British Gas, Dr. Arshad Sufi, and company�s General Manager Commercial and Business, Mr. Femi Bajomo, disclosed this during a visit to Governor Gbenga Daniel of Ogun State, in Abeokuta on Friday.
The OKNLG is a joint project between the Ogun and Ondo states, the Nigerian National Petroleum Company, Shell Holdings and BG Group.
The project is aimed at developing a major LNG plant and a marine export terminal at the Olokola Free Trade Zone.
Fielding questions from journalists during the visit, Sufi described OKNLG as a long-term project.
He, however, expressed optimism that the project would come on stream by 2013.
The managing director disclosed that the shareholders in the OKLNG had started working on technical and commercial projects at the site.
According to him, the technical and commercial work was needed for a final investment decision that would facilitate construction at the site.
Bajomo said, �This project will generate over $50bn in revenue for Nigeria. The aim of the project and similar gas projects are to make gas a key player in the economy as much as oil.�
The manager stated that OKNLG and similar projects would encourage the exploration of gas in the country.
�Nigeria has not started looking for gas. We have got abundant gas resources and we have not been looking for gas,� he said.
According to him, �The project offers the potential to bring additional economic benefits to Nigeria through high revenues, diversify export production locations, stimulate and accelerate the development of upstream gas supply projects.�
Bajomo added that the Olokola was appropriate for the project because of its �deep draught marine access necessary for ship-borne LNG export.�
In his response during the visit, Daniel described the project as a �major economic driver� in the country.
The governor stated that the project would accelerate the development of host communities.
He expressed optimism that stakeholders in the project would live up to expectation based �on their level of commitment