Oil, Gas Sector In 2012: What
The oil and gas industry is the live wire of the Nigerian economy in view of the fact that it accounts for about 80 per cent of government revenues, between 90 and 95 per cent of export revenues, and over 90 per cent of foreign exchange earnings. Therefore, if the much needed turnaround of the sector must be achieved in order to boost the nation’s economy, certain critical areas must be given top priority in 2012, writes JULIET ALOHAN
Brass LNG FID
The Brass Liquefied Natural Gas (LNG) project was flagged off in 2002 with 2012 as the expected year of completion, however, this is not be as the Final Investment Decision (FID) on the project is yet to taken, resulting in the fixing of a new completion date of 2016.
Various challenges such as selecting contractors for and issuance of invitation to tender, commercial price bid for the project and availability of enough gas feedstock, have slowed down work progress, according to the Chairman of the project, Jackson Gaius-Obaseki.