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 >>  6/1/2020 - Unless otherwise defined, capitalised terms in this announcement shall have the same meaning given to them on the Company’s press release dated 25 Mar...
Brazil >>  5/29/2020 - Petrobras, following up on the release dated 08/09/2019, reports that it has completed the sale of its entire interest in seven onshore production fie...

Australia >>  5/28/2020 - Santos is pleased to announce it has completed the acquisition of ConocoPhillips’ northern Australia and Timor-Leste assets for a reduced purchase pri...
Iraq >>  5/28/2020 - Genel Energy plc ('Genel') announces that payments have been received from the Kurdistan Regional Government for oil sales during April 2020. ...

Uganda >>  5/28/2020 - Tullow Oil plc announces that CNOOC Uganda Limited (CNOOC) has informed both Tullow and Total that it will not pre-empt the sale of Tullow's assets in...
Australia >>  5/27/2020 - Oilex Limited (Oilex or the Company) is pleased to announce that it has signed a conditional binding Heads of Agreement (HOA) with Armour Energy Limit...

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 © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.