IBADAN, Nigeria - The Nigerian National Petroleum Co. (NNPC) has engaged in talks with a South Korean consortium led by Daewoo E&C to explore gas projects in Nigeria. The discussions, held in Seoul on Monday, aim to leverage Nigeria's vast gas resources and position NNPC as a supplier of clean and affordable energy to the global market.
Unlocking Strategic Foreign Investment
The talks with the South Korean consortium are a crucial step towards the execution of a memorandum of understanding, which will facilitate strategic foreign investment in Nigeria's gas sector. South Korea, known for its significant liquefied natural gas (LNG) imports, has expressed keen interest in investing in greenfield and other gas development opportunities. Together with the Export-Import Bank of Korea, the consortium aims to tap into Nigeria's potential.
Tapping into Nigeria's Gas Reserves
At the beginning of 2023, Nigeria had estimated proved natural gas reserves of 206.5 trillion cubic feet, according to NNPC. With ongoing gas pipeline projects and the expansion of its LNG plant, Nigeria is actively expanding its capacity. The Nigeria LNG Train 7 project, once completed, is set to increase the NLNG Terminal's annual production capacity by 35% from 22 million tons to 30 million tons.
The NNPC continues to establish partnerships to develop Nigeria's gas resources. The talks with the South Korean consortium demonstrate NNPC's commitment to leveraging foreign investment and expanding its role in the global energy market.