15th JUNE 2021
Today represents yet another very important milestone in the history of Nigeria’s oil and gas industry. The story of Nigeria LNG is one I have been passionately associated with during the formative years of the LNG project.
2. As minister of Petroleum Resources, I kicked off our first foray in LNG Business in 1978. At the time it was already apparent that Nigeria was mainly a Gas-Rich country with a little oil!
3. It therefore gives me great joy to see the organization transform from just a project in the early 90s to a very successful company with over 20 years of responsible operations and steady supply of Liquefied Natural Gas, Liquefied Petroleum Gas and Natural Gas Liquids into the global market. This is proof that Nigeria has great capacity to deliver value to the world by harnessing our natural resources.
4. This ground-breaking ceremony to herald the Train 7 project construction, affords me the opportunity to congratulate Nigeria LNG and its shareholders – NNPC, Shell, Total and Eni for proving that a Nigerian company can operate a world class business;
b. Profitably and
5. Clearly, you have set the stage upon which Nigeria’s vast gas resources will continue to grow well into the future.
6. The focus of this administration is to boost the development of Nigeria’s abundant gas resources, strengthen the gas value chain, develop the much-needed infrastructure and enhance safe operations in the sector as outlined in the National Gas Policy of 2017.
7. Through the Decade of Gas initiative, which I recently launched, we will transform Nigeria into a major gas and industrialised nation with gas playing the key role as revenue earner, fuel for industries and necessary feed for petrochemicals and fertiliser plants.
8. I am proud that NLNG as the pioneer LNG company in Nigeria, has conscientiously proven the viability of the gas sector over the years, currently contributing about one percent to our country’s GDP; NLNG has generated $114 billion in revenues over the years, paid $9 billion in taxes; $18 billion in dividends to the Federal Government and $15 billion in feed gas purchase. These are commendable accomplishments by the company’s 100 percent Nigerian Management Team.
9. With this level of performance, I can only hope that the company continues to grow starting with this Train 7 project but also positioning Nigeria to thrive through the energy transition.
10. I hereby urge the Board of Directors, Management and Staff of Nigeria LNG, the Host Communities, the Rivers State Government and Agencies of the Federal Government to continue to collaborate to ensure completion and eventual commissioning of the Train 7 project safely and on time, so that Train 8 can then start.
11. As we flag off the Train 7 project today, I look forward to the development and execution of more Gas Projects by the IOCs and Indigenous operators, and more Trains from Nigeria LNG to harness the over 600 trillion cubic feet of proven gas reserves we are endowed with .
12. Let me use this opportunity to commend the Shareholders of NLNG, the Federal Ministry of Petroleum, NNPC and the NCDMB and other stakeholders for very exemplary collaboration which has culminated in this great opportunity for Train 7.
13. I want to thank the foreign investors for the confidence reposed in Nigeria, and assure all Nigerians and potential investors in the Oil and Gas sector that the Federal Government will continue to create the enabling environment in order to develop the sector and bring the full benefits of Gas closer to our people.
14. On behalf of the people of Nigeria, I hereby flag-off the commencement of construction work on Train 7 and wish you great success with the project.
15. Thank you for your attention and God bless the Federal Republic of Nigeria.
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