Executive Chairman of the South African-based African Energy Chamber, NJ Ayuk has said that Nigeria must consider investing in at least 10 additional floating LNG Projects due to ongoing pipeline vandalism and social problems in the Niger Delta to achieve energy transition.
In an interview, Ayuk said that the increased investment in Floating LNG Projects has become imperative not only because of perceived safety, and security, but also returns on investment and multiplier effects on the nation.
Ayuk commended the Mr Julius Rone-led UTM Offshore Limited, JGC Corporation, Japan, Technip Energies, France and Kellogg Brown & Root (KBR) United Kingdom for signing the Front-End Engineering Design (FEED) contract for the development of Nigeriaโs first Floating Liquefied Natural Gas (FLNG) facility in London, United Kingdom; adding that more investments were still required.
He said: โUTM Offshore Limited has already taken a bold step towards the development of FLNG in Nigeria and by extension Africa. This is a very strategic investment that should be encouraged by all stakeholders in Nigeria and other economies.
Speaking further, he said, โthe company cannot do it alone. With its huge over 600 trillion standard cubic feet of gas reserves, Nigeria needs to establish more FLNG projects in order to boost energy supply, and economic development while enhancing Energy transition.โ
He promised that the African Energy Week, AEW would continue to provide the needed platform for stakeholders, including investors, governments and financiers to share ideas and sign deals capable of leading to new projects and programmes in the continent.
Ayuk further stressed the need for stakeholders, especially African governments to respect agreements sealed with investors and other parties in order to attract new investments into African nations.
This story was adapted from Vanguard.
