Brass—The Minister of State for Petroleum Resources, Chief Timipre Sylva, has said the federal government has pledged to complete stalled Brass Liquefied Natural Gas (BLNG) project.
According to reports by TheCable, Sylva made this known on Sunday in a statement issued by Horatius Egua, his senior adviser on media and communications after an inspection of the project site on Saturday with the management of the Greenville LNG, an interested investor in the BLNG.
Sylva, who was joined on the project assessment by Eddy Broeke, chairman of Greenville LNG, said the federal government was keen on completing the project, which was stalled due to some Final Investment Decision (FID) reasons.
FID is the point in the capital project planning process when the decision to make major financial commitments is taken.
The minister said the project would be completed because of the diverse economic benefits it would bring to the country.
The BLNG, which has trains 1-4 concept, with an annual projected capacity of 8.4 million metric tonnes, was initiated in 2005 with the groundbreaking ceremony performed by former President Olusegun Obasanjo on May 14, 2007.
He noted that the federal government would give the project top priority because of its present policy thrust on gas exploration.
He said, “You know the direction of the government as far as gas is concerned. We want to use gas as a transition fuel and also to use it to diversify our economy,” Sylva said.
“You know that with gas you can get so many things and I have said that we can truly diversify our economy through the gas.”
Sylva while acknowledging the challenges faced in successfully executing the project in the past, says government would do everything possible to encourage Greenville LNG investment in the multi-billion dollar BNLG.
“We want this project to pull through this time, and we will do everything possible to ensure that the Final Investment Decision is taken as soon as possible,” he said.
“Greenville LNG is a major player in this sector, and we know that they are committed to ensuring that the take-off of this project is achieved. We will continue to discuss and offer the necessary incentives to get this project off the ground.”
The minister further urged western nations to shore up their investments in the oil and gas sector in the country.
He, however, decried how the swiftness with which investments were withdrawn from Nigeria in the past hampered the growth of the sector.
“We are calling for more investments in the hydrocarbon sector of the economy, especially in gas. We are encouraging companies interested in gas to do so,” he said.
“We have enough gas reserves in the country, and we are encouraging anyone with the capacity to bring in their investments.”