The Nigerian National Petroleum Corporation (NNPC) has said it is commencing a new trading strategy for forthcoming Liquefied Natural Gas (LNG) projects in Nigeria. The new marketing strategy for LNG, according to the Group Managing Director (GMD), Mr. Andy Yakubu, included capturing and retaining global high value LNG markets like the Asia-Pacific market as well as improved participation in the downstream segment of the LNG value chain.
In his presentation at the maiden edition of LNG Producers-Consumers Conference, which was organised by the Government of Japan, the GMD said the corporation was compelled to expand its LNG trading strategy to include the competitive Asia market following changing market conditions in the Atlantic Basin which it services.
He stated the country’s LNG production capacity had grown from a modest two train base LNG project of 8 million tonnes per annum (mtpa) in 1999 to the current six operating train capacity of 22 mtpa, adding that the six trains exported about 22 mtpa of LNG, which represents 10 per cent of world LNG production in 2011.
Disclosing that the country’s overall target was to immediately take a Final investment Decision (FID) on the Brass LNG’s 10mtpa project as well as a FID on the 7.8mtpa seventh train of Nigeria Liquefied Natural Gas (NLNG) and thereafter OKLNG, Yakubu said that with all these in place, Nigeria would comfortably service LNG needs of Atlantic and Pacific Basins respectively.