Massive $5bn Train-7 NLNG Project Employing Over 8,000 Nigerians Nears Completion
- The Train-7 NLNG project, which employs over 8,000 Nigerians, is about 52% completed
- The project worth about $7 billion is sited at Finima in Bonny Island in River State
- The Train-7 project will increase NLG production capacity by 22 million tons per annum
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Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
The Nigerian Liquified Natural Gas (NLNG) revealed on Monday, November 6, 2023, that the ongoing construction of the $5 billion Train-7 project at Finima, Bonny Island in Rivers State is 52% completed and currently employs 8,300 Nigerians.
The NLNG management, led by its Managing Director, Philip Mshelbila, revealed this at an engagement session with the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, at NLNG base in Bonny Island.
Source: Getty Images
Experts call for more investments in Nigeria's oil industry
The engagement follows calls by Austin Avuru, the Executive Chairman of AA Holdings Limited, for measures to retool the Nigerian petroleum sector.
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ThisDay reported that Avuru stressed that Nigeria's oil production requires a $7.6 billion investment to ramp up oil production to 2.1 million barrels per day in the next two years.
The NCDMB statement said that the high-level engagement was part of the Nigerian content stakeholders' retreat, which allowed the industry leaders to sign an agreement on the oil and gas e-marketplace.
NLNG to rollout e-marketplace
The agreement would see the rollout of tender options from NLNG on the e-market electronic platform, implementing a critical provision of the Nigerian Oil and Gas Industry Content Development Act.
The e-marketplace is a virtual platform for buyers and sellers of goods and services in the oil and gas industry, allowing for rapid and transparent transactions.
Mshelbila said that the relationship between NLNG and NCDMB has been nurtured over the years, with both parties trying to fulfill statutory obligations.
According to him, the NLNG board has approved the firm to purchase gas from international and indigenous gas producers in Nigeria to boost the performance of Trains 1-6.
The NLNG boss expressed worry that the deep-water gas projects that would provide feed gas for the Train-7 and other expansions had yet to be started by international oil firms despite the considerable progress of the Train-7 project.
Wabote applauded the e-marketplace as a game-changer that would boost the service level agreement, guiding the relationship between NCDMB and NLNG.
Cooking gas scarcity hits Nigeria
Experts have said that the NLNG project would enhance gas supply and reduce the cost of cooking and industrial gas in the country.
The development follows an increase in the price of cooking gas in Nigeria, which marketers blamed on terminal operators.
The price of cooking gas began to skyrocket across the country in October 2023, leading to scarcity in Lagos, Kano, Kaduna, and Delta states, among others.
A report by Legit.ng detailed how the scarcity has affected the livelihoods of many Nigerians.
Price of 12.5kg cooking gas hits N12,500 as marketers project N18,000 before December
Legit.ng earlier reported that if measures are not implemented soon to tame the rising cost of cooking gas, Nigerians could soon pay N18,000 per 12.5kg for the product.
The development comes as the price of 12.5kg, which was less than N10,000 a few months ago, now sells for N12,500.
Checks reveal that gas retailers increased the commodity's price from N10,000 in September to the current price of N12,500.
Source: Legit.ng
