Recent move by the National Assembly to amend the NLNG Act had dampened the optimism of investors, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru has said.
The NNPC boss also urged the National Assembly to pass the Petroleum Industry Bill (PIB) into law, adding that the passage of the bill will create an enabling environment for the industry to flourish and dissuade the International Oil Companies (IOCs) from exiting the country.
A statement issued by the NNPC spokesperson, Ndu Ughamadu, quoted Baru as saying “The Review of the NLNG Act by the National Assembly is causing a challenge for the Federal Government and the IOCs and it is sending wrong signals to the international community about how business is done in the country.”
He explained that the Federal Government would do everything to ensure the take-off of Bonny NLNG Train 7 and the Brass LNG in the months ahead after which the Olokola LNG would come on board if the fundamentals were strong.
According to him, NNPC was refocusing on the Brass LNG and rebuilding the confidence of investors on the project after the exit of Conocophillips a few years ago, noting that Nigerians and the Federal Government would gain a lot from the project in terms of taxes, royalties and profits.
