NIPCO Unveils $3bn Floating LNG Project in Nigeria

NIPCO Group, one of Nigeria's leading integrated energy and infrastructure groups, has announced plans to develop a massive Floating LNG (LNG) project. The proposed FLNG initiative represents a strategic expansion into LNG and marks NIPCO's planned entry into the LNG sector.

The project is expected to gulp over $3 billion in investment and will be located either in the Escravos region of Delta State or in the Akwa Ibom region, depending on the outcome of ongoing feasibility studies. The proposed FLNG facility will have an LNG production capacity of approximately 3 million tonnes per annum.

Nagendra Verma, Managing Director and CEO of NIPCO Gas Ltd, emphasized that the project's configuration, investment requirements, development schedule, and implementation structure will be further defined after the completion of feasibility studies in the next few months. The ongoing work includes evaluation of upstream gas supply and reserves, FLNG technology and configuration, LNG production capacity, marine and export infrastructure, domestic LNG supply opportunities, shipping and logistics requirements, project economics and financing structure, environmental and regulatory requirements.