Senate wants $1.2 billion Brass LNG project revived

Senate wants $1.2 billion Brass LNG project revived

The Nigerian Senate has called for urgent revival of the Liquefied Natural Gas (LNG) project in Brass, Bayelsa State, even as it lauded the conceptualisation, design and commencement of work since 2004.

It also urged the executive arm of government to create enabling environment for reputable oil and gas companies to take over the 17 per cent shares each previously owned by ConocoPhilips and Total.

The project, which gulped about $1.2 billion as at 2011 covering early site works and maintenance, has remained moribund the Senate noted.

It therefore, directed the management of the Nigerian National Petroleum Corporation (NNPC) and the Brass LNG to brief its committee on gas resources on the extent of the implementation of the project.

The Senate resolutions was sequel to a motion on the need to ensure the revival of the Brass LNG by Senator Biobarakuma Degi-Eremienyo (APC, Bayelsa) and 26 other lawmakers during plenary.

While presenting the motion, Degi-Eremienyo said the Brass LNG was a green field project established to operate LNG located in Brass Island after agreement was signed in 2003 by four shareholders, with NNPC holding 49 per cent shares while ConocoPhilips, Total and ENI International got 17 per cent shares each.

He said the Federal Government conceptualised and eventually brought to stream the LNG project to convert the huge gas resources being wasted through gas flaring.

Degi-Eremienyo said the idea behind the project was to eliminate negate environmental impact and generate revenue for faster economic growth.

Credit/source: The guardian