FEDERAL Government, Shell and other stakeholders of Nigeria Liquefied Natural Gas (NLNG) have spent a total of N1.521 trillion ($13 billion) on the Bonny gas project, which has provided some solutions to the global energy security and diversity. Out of this amount, the Federal Government invested N745.290 billion ($6.370 billion), representing 49 per cent, while Shell invested N389.376 billion ($3.328 billion), representing 25.6 per cent. Total LNG Nigeria Limited contributed N228.15 billion ($1.95 billion), indicating 15 percent investment and Eni, with 10.4 per cent equity, contributed N158.184 billion ($1.352 billion). The Managing Director of the company, Mr. Chima Ibeneche, while delivering a paper entitled, “Global Gas Business: Trends and Challenges – the Role of Nigeria LNG,” at the Sixth International Gas Conference, organized by the Nigerian Gas Association (NGA), stated that the investment was necessitated by the increasing global energy demand. NLNG, he pointed out, currently has six trains in operation.
The plant has three Liquefied Natural Gas (LNG) storage tanks with a capacity of 84,200 cubic metres each, a common fractionation plant to process Liquefied Petroleum Gas (LPG), two condensate storage tanks with a capacity of 36,000 cubic metres each, and two 65,000 cubic metre LPG refrigerated tanks for propane and butane, among other facilities. With the completion of the NLNGSix Project, the Nigeria LNG Plant has an overall capacity of some 22 million tonnes per annum of LNG and four million tonnes per annum of LPG. It requires about 3.5 billion cubic feet per day feed-gas intake at full production. Ibeneche said: “The global Gross Domestic Product (GDP) growth, driven mainly by emerging markets and developing countries will continue to push the demand for energy. To this extent, the dependence on natural gas to meet world’s energy needs will become more significant. “Our country is well endowed with natural gas and the Federal Government has been making efforts to optimize the value of natural gas as Nigeria’s priority. This has mage Nigeria to become strategically located to supply into two of the fastest growing world gas markets “Through these efforts, NLNG has established leadership and initiatives in the gas industry. With over $13 billion investment, NLNG has established Nigeria as a major LNG exporter “At the moment, NLNG provides solution to the global challenge of energy security and diversity. NLNG’s local content and Nigerianization schemes have also ensured that Nigerian human, material and financial resources are utilised to the fullest extent possible,” he stressed.