16 May 2012, Sweetcrude, ABUJA - Plans for a Final Investment Decision (FID) on the multi-million dollars Brass Liquefied Natural Gas (LNG) project before the end of this year remains on track, the Nigerian National Petroleum Corporation (NNPC) has said.
The NNPC was reacting to the fate of the two-train, 10 million metric tonne per year (mmt/y) project following the decision of American oil group, ConocoPhillips, which is one of the promoters of the project, to sell its Nigerian assets.
“ConocoPhillips have informed the shareholders in Brass LNG that they plan to sell some of their assets not only in Nigeria but globally. However, this will have no impact on the progress of the (Brass LNG) project,” the NNPC said.
NNPC holds 30 percent equity in Brass LNG, while Bayelsa State government has 10 percent, LNG Japan (4 percent) and Itochu Corporation (3 percent). A joint venture between Nigerian indigenous company Sahara, and France-based Sempra Energy holds two percent while ConocoPhillips, French firm, Total and Italian company, Eni holds 17 percent stake apiece.
The plan by the project promoters as announced by the Group Managing Director (GMD) of NNPC, Mr. Austen Oniwon, at the Nigerian Oil and Gas (NOG-12) conference in February is that the FID on the project would be made by the third quarter of this year.