Nigeria's NNPC to Reduce its Stake in Brass LNG

Source: Reuters 8/15/2011, Location: Africa

Nigeria's state-oil company NNPC said it will reduce its stake in the long-delayed Brass Liquefied Natural Gas (LNG) project to 30 percent, from its current 49 percent, to secure much-needed investment.

The state-owned company has offered 4 percent of its stake to LNG Japan, which is jointly owned by trading firms Sumitomo and Sojitz and 3 percent to Itochu. A further 2 percent was offered to a joint venture between Nigeria's Sahara Energy and U.S.-based Sempra Energy.

NNPC said it has secured a $2 billion loan from a Japanese consortium, led by Japan Bank for International Co-operation, to help fund its share of the project. Everyone is looking to invest and we have invited others to join. It is a time everyone is looking to alternatives and the Japanese have been very interested in this project," an NNPC spokesman said. He said stakeholders will make a final investment decision on the project in the first quarter of next year.

Brass LNG, whose shareholders also include multinational energy firms Eni, ConocoPhillips and Total, opened construction bids last month for onshore and offshore works and for a sub-sea pipeline.

The project has suffered from years of delays of a lack of investment and the country's focus on crude oil production. President Goodluck Jonathan, sworn in for his first full term in May, pledged during his campaign to unlock the potential of the world's seventh-largest gas reserves.


United States >>  8/18/2022 - EnSight IV Energy Partners, LLC and EnSight Haynesville Partners, LLC, two privately held companies, sold Tellurian Inc. (Tellurian) (TELL) their asse...
Germany >>  8/15/2022 - The ALH Group is indirectly acquiring 49.9% of a portfolio of sixteen solar farms with a total capacity of 597 megawatts belonging to EnBW Energie Bad...

Norway >>  8/15/2022 - Vår Energi has acquired 30% ownership in production licenses (PL) 820S and PL 820 SB (north of the Balder field in the North Sea) from Lime Petroleum,...
United States >>  8/15/2022 - Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) today announced the closing of its previously announced acquisition of non-operated Williston Basin ass...

Spain >>  8/12/2022 - F2i, Italy's leading infrastructure fund, and Crédit Agricole Assurances have signed an agreement to acquire from the Villar Mir Group wind farms in o...
Brazil >>  8/11/2022 - Petrobras informs that it has begun the opportunity disclosure stage (teaser), referring to the sale of its mining rights for research and mining of p...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.