NNPC Ltd GCEO Engages Daewoo Consortium On LNG Development In South Korea

The Nigerian National Petroleum Company Limited has engaged a Daewoo led consortium to deepen discussions on Liquified Natural Gas Development and pave the way for executing a Memorandum of Understanding that will unlock strategic foreign direct investment.

The engagement which was done during the NNPC’s Group Chief Executive Officer, Mele Kyari’s visit to Daewoo global headquarters in Seoul, South Korea is in line with National Oil Company’s drive of supplying clean, affordable, and reliable energy to the global market.

The move would properly position the NNPC Ltd for the changing energy landscape by leveraging its abundant gas resources.

Discussions at the meeting centred around viable LNG projects for the export market.

South Korea is a major destination for LNG exports, and the consortium, in collaboration with the Korean Export-Import bank, has expressed interest in advancing discussions on investing in greenfield and other gas development opportunities.

This is a clear demonstration of the renewed appetite from the international community to invest in the Nigerian energy industry following concerted effort by the President Bola Ahmed Tinubu led administration to create a conducive business environment with special emphasis on the oil and gas industry.