NNPC targets more revenue from gas in 2017, says GMD

By Abimbola Fashakin, Lagos

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has reiterated the resolve of the organization to generate more revenue for Nigeria from gas.

In a statement  on Thursday by the ‎Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, Baru said monetisation of natural gas was a cardinal mandate of the corporation.‎

‎Baru expressed NNPC’s commitment to carry on with its twin gas projects, Brass LNG and OK LNG when he ‎received the management of the Nigerian Television Authority (NTA‎).‎

‎He said the two projects were high priority gas ventures which would boost the nation’s revenue.‎‎

Recently at the annual gas conference, NNPC had promised to increase Nigeria’s revenue from the nation’s abundant gas reserves.‎

“We are still committed, as NNPC, to monetising our natural gas. We have the Nigerian Liquefied Natural Gas (NLNG) which is at the moment monetising about four billion standard cubic feet of gas on a daily basis (4 billion scf/d).

“We also have plans for Olokola LNG as well as Brass LNG. ‎We have a little challenge with market windows for these projects which we are reviewing on a monthly basis. Once the appropriate market window opens up, we will quickly get more shareholders to join us for the projects,” Baru explained.‎

He said a meeting of Brass LNG stakeholders had been scheduled for early next year to chart the way forward for the project.

Baru further disclosed that apart from the LNG projects, NNPC was also working on gas monetisation through aggressive enhancement of domestic gas supply for power generation and industrial use.

On the alleged scarcity of Aviation Turbine Kerosene (ATK), which is purportedly responsible for the hardship being experienced in the aviation sector, Baru assured that NNPC had taken steps to ensure adequate supply of the product with the importation of over 45 million litres.

 

He added that the challenge had more to do with the inability of airlines to pay for the product upon the introduction of a cash-and-carry policy by marketers on account of the huge amount they were being owed by the airlines.

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