Abuja, Nigeria | – The Nigerian Minister of State for Petroleum and Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu has said that the planned withdrawal of the French oil giant, Total, from the Brass Liquefied Natural Project (LNG) will not hamper the signing of the Final Investment Decision (FID) for the multi-billion dollar project, local Nigerian ThisDay newspapers reports.
He acknowledged that the FID for Brass LNG was a struggle because Total had served other shareholders a notice of planned withdrawal but added that Total’s withdrawal would not affect the FID. According to him, the worst that could happen is for the shareholders to build one train for now, rather than the planned two trains.
Kachikwu also indicated that the FID for the Train 7 of the Nigeria LNG would soon be signed as the shareholders were determined to take advantage of the market dynamics and the economies of scale of the existing trains.
The minister however argued that in view of the current dynamics in the global LNG market, the shareholders would take a second look at the proposals for Train 7, so as to change some of the financial concepts and take advantage of the existing economies of scale.