NNPC Engages South Korean Consortium for Gas Projects Development

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The Nigerian National Petroleum Company Limited (NNPC Ltd) announced on Tuesday that it has initiated discussions with a South Korean consortium led by Daewoo E & C regarding gas project development in Nigeria. Olufemi Soneye, NNPC Ltd’s chief corporate communications officer, conveyed this information in a statement released on Tuesday.

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The discussions, which took place in Seoul, South Korea, on Monday, aim to deepen NNPC Ltd’s efforts to leverage Nigeria’s abundant gas resources to become a provider of clean and affordable energy on the global stage. South Korea, a significant destination for Liquefied Natural Gas (LPG) exports, and the consortium, in collaboration with the Korean Export-Import Bank, have shown interest in advancing discussions on investing in greenfield and other gas development opportunities.

According to the statement, these talks are expected to lead to the execution of a Memorandum of Understanding (MoU), facilitating strategic foreign direct investment in alignment with the policies of the Bola Ahmed Tinubu administration to position Nigeria as a top destination for global investors.

The statement also highlighted NNPC Ltd’s recognition of Temile Development Company, an indigenous player in the gas sector, for commissioning its 23,000 cubic meters ultra-modern Liquefied Petroleum Gas (LPG) Carrier in Ulsan, South Korea, on Tuesday. Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, commended the achievement, emphasizing its significance in advancing gas utilization within Nigeria and increasing gas revenues.

Mr. Kyari emphasized Nigeria’s commitment to ensuring universal access to clean energy and reducing reliance on biomass as an energy source. He reiterated NNPC Ltd’s efforts, in collaboration with partner West Africa Gas Ltd (WAGL), to enhance LPG supply in Nigeria through the construction of additional vessels aimed at saturating the market.

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