NIPCO plans $3bn gas project, eyes indigenous construction

NIPCO Group has revealed plans to build a Floating Liquefied Natural Gas (FLNG) project in Nigeria, with an estimated investment of over $3 billion. The Managing Director of NIPCO Group, Nagendra Verma, disclosed this at a press conference on Thursday, adding that the proposed project would have an LNG production capacity of around three million tonnes per year, pending the outcomes of feasibility studies, regulatory approvals, and a final investment decision.

The FLNG facility would be situated in the Escravos area of Delta State or the Akwa Ibom region, potentially serving both international LNG markets and Nigeria's growing domestic LNG demand. Verma emphasized that the project is currently estimated to require more than $3 billion and is being assessed for various development concepts, technology solutions, financing structures, and commercial options to ensure a technically robust and commercially sustainable project.