Financial Energy Review
…reiterates commitment to delivering Train 7 benefits to Nigerians
Nigeria LNG Limited (NLNG) has reaffirmed its commitment to delivering economic benefits through the Train 7 project on Bonny Island.
Speaking at a reconvened session of the Senate and House of Representatives’ Joint Committee on Gas (the Committee), officials of the Company provided necessary information and clarifications to address issues raised by the Committee.
NLNG confirmed that the project, with a total contract sum of $4.3 billion, has reached an overall progress of 67 percent completion, achieving significant construction milestone of over 45 million manhours without any Lost Time Injury (LTI). The Company noted that the project was already delivering on one of its benefits with over 9,000 Nigerians working in the project on Bonny Island, and numerous indirect jobs and businesses emerging and booming as a result of the construction.
NLNG emphasised that the Train 7 project is a strategic initiative that will support the diversification of the country’s revenue sources, revenue generation during the Energy Transition, and aid the government in achieving a net-zero future.
It also noted that the project remained crucial for monetising Nigeria’s vast gas resources, estimated at over 200 trillion cubic feet (tcf) of proven reserves and it remains an inspiration to other gas development initiatives aimed at enhancing gas monetisation and utilisation in the country.
The Company equally stressed the significance of the project to the Federal Government’s Decade of Gas initiative. It emphasised that the project is aligned with Nigeria’s gas development aspirations, as the outlined initiative is both timely and essential to secure the nation’s future, particularly as the global movement towards a net-zero future accelerates.
NLNG expressed its respect for the National Assembly and committed to collaborate with the legislature to transform Nigeria’s energy landscape. It called on all stakeholders including the Federal Government and all well-meaning Nigerians to support the preservation of an enabling environment for its successful completion and the attraction of more transformational projects to Nigeria.
