NIPCO Unveils $3bn Floating LNG Project in Nigeria

NIPCO Group has announced plans to develop a $3 billion Floating Liquefied Natural Gas (LNG) facility in Nigeria, marking its strategic entry into the LNG sector. The project is valued at over $3 billion and aims to have an LNG production capacity of approximately 3 million tonnes per annum.

The proposed FLNG facility will be located either in the Escravos region of Delta State or in the Akwa Ibom region, strategically positioned to facilitate access to upstream gas resources, LNG processing, marine transportation, and both international and domestic markets.

Nagendra Verma, Managing Director of NIPCO Gas Ltd, stated that the project represents a natural extension of NIPCO's existing capabilities and its strategy of participating across the broader natural gas value chain. He added that Nigeria possesses significant natural gas resources and the development of additional gas monetization infrastructure is crucial for the country's energy transition.