The Nigerian National Petroleum Corporation (NNPC), Total, and Eni will meet early January to discuss the $15b Brass Liquefied Natural Gas (LNG) project located on Brass Island, Bayelsa State, Ecofin Agency informed.
The shareholders of Brass LNG, who have invested about $1b on early works, without signing a Final Investment Decision (FID), will meet in London to take a decision on the multi-billion dollar project, whose FID has been suspended for a decade, This Day reported.
According to an official of one of the shareholders, the Brass LNG project is still on the right track, and the lack of political will on the part of the Goodluck Jonathan administration and the protracted withdrawal of ConocoPhillips from the project is to be blamed for the delay in the signing of the FID. He added that the shareholders , which as NNPC, ENI, Total and ConocoPhillips, were about to sign the FID before the ConocoPhillips withdrew from Nigeria.
Additionally, the anonymous official noted that the Minister of State for Petroleum, Emmanuel Kachikwu, secured an $80b funding from China and Indian. Additionally, the shareholders are hopeful that Brass LNG will benefit from the funding.