Gulf Oil and Gas accountACCOUNT

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.

Acquisitions and Divestitures News in Nigeria >>

Norway >>  8/17/2019 - Pandion Energy AS has entered into an agreement with ConocoPhillips Skandinavia AS (ConocoPhillips) to acquire a 20 percent interest in PL 891, contai...
Indonesia >>  7/18/2019 - Coro Energy, the Southeast Asian focused upstream oil and gas company, has renegotiated the terms of the proposed acquisition by the Company of a 42.5...

Indonesia >>  7/17/2019 - Mubadala Petroleum announces that it has signed an agreement with Premier Oil to farmout a 20 percent participating interest in each of the Andaman I...
Colombia >>  7/16/2019 - Frontera Energy Corporation (FEC) (Frontera) announces the award of the VIM-22 block in addition to LLA-99 block which was previously announced on Jun...

Brazil >>  7/15/2019 - Karoon Energy Ltd (KAR) make the following statement in relation to the news published by Upstream on the 12 July 2019. Karoon confirms it has been n...
China >>  7/15/2019 - MacGregor, part of Cargotec, has received a clearance decision from the Chinese competition regulator, SAMR, for the companyís acquisition of the mari...

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  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

Oil & Gas Projects in Nigeria >>

More News

Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.