President Muhammadu Buhari has charged stakeholders in the Bonny Nigeria Liquefied Natural Gas (NLNG) to collaborate to ensure the Train 7 project is completed safely and on time.
The President gave the charge at the virtual groundbreaking ceremony of the project in Bonny Island, Rivers State.
The President emphasised that the speedy and safe delivery of Train 7 would encourage the timely take off of Train 8 project.
He urged the Board of Directors, management and staff of NLNG, the host communities, the Rivers State Government and other Agencies of the Federal Government to continue to collaborate to ensure completion and eventual commissioning of the Train 7 project “safely and on time.”
”As we flag off the Train 7 project today, I look forward to the development and execution of more gas projects by the International Oil Companies (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.
The Group Managing Director of the Nigerian National Petroluem Corporation, Mele Kyari, has hailed the giant stride of President Muhammadu Buhari in the oil and gas industry, stating that his administration’s support has restored investors confidence to the sector.
He said this at the NLNG Train 7 Ground Breaking Ceremony, in Bonny Island, Rivers State on Tuesday.
The GMD who thanked the President, stated that his unwavering support and vision of increasing Nigeria’s LNG production capacity has led to the growth of the sector.
Kyari further confirmed that the ground breaking event is a major confirmation that investors’ confidence has been restored as a result of Buhari’s deliberate patriotic approval.
The approval, he noted has created the condition for Train 7, and further incentivise additional trains to attain the 12 train vision of the President.
He said, “Mr President, I will confirm that if it was not for you intervention we will not be celebrating this day. We are aware of all the major intervention that you graciously granted to us, and all our upstream partners including NNPC to take on board the reality of the oil and gas supply and also giving confidence to our shareholders to have the assurance and stability of the fiscal environment for them to invest in.
“This is history being made. Doing this makes business sense.”
Kyari stated that while the expectation of the President is for the country to be in Train 12, steps are currently being taking to add additional 35 percent of the current capacity of Train 7.
He added that the implication of this is that technically, on per capital basis, the industry is not very far from train 12.
The NNPC GMD stated, “Your expectation is that we should be in train 12 today. But Mr President, I will tell you that we are adding 35 percent of current capacity.
“It means that technically on per capital basis, we are not very far from train 12. The next thing we are doing is that the with the assurance we have from the board an all shareholders is that we will take the next step, we call it train 8, it does not mean another train but an additional capacity than what we are doing today and this possible.
“And to create other investment opportunity, I can also confirm to you that there is no greater time than today to declare that the confidence of our shareholders and investors has come back on the table.
“We know for sure that with all the reforms going on, with the ultimate stability of the Petroleum industry, more investments will come.”
He said the NLNG Train 7 project is not the only initiative that is being implemented; adding that there are so many others that are waiting for the right opportunities to come on the table.