The Nigerian National Petroleum Company Limited (NNPCL) has recently engaged in discussions with a South Korean consortium, led by Daewoo E & C, to explore opportunities for the development of gas projects in Nigeria. The talks, which took place in Seoul, South Korea, are part of NNPCL’s efforts to leverage the nation’s abundant gas resources to become a leading provider of clean and affordable energy on the global stage.

In a statement released in Abuja, NNPCL highlighted the consortium’s interest in collaborating with the Korean Export-Import Bank to invest in greenfield and other gas development opportunities, citing South Korea as a significant market for Liquefied Natural Gas exports.

The discussions are expected to lay the groundwork for the signing of a Memorandum of Understanding, aimed at attracting strategic foreign direct investment in alignment with the Nigerian government’s objective of positioning the country as a prime destination for global investors.

Meanwhile, Mele Kyari, the Group Chief Executive Officer of NNPCL, commended Temile Development Company, an indigenous player in the gas sector, on the inauguration of its 23,000 cubic meters ultra-modern Liquefied Petroleum Gas carrier in Ulsan, South Korea. Kyari emphasized the vessel’s significance in advancing domestic gas utilization and bolstering gas revenues, underscoring the company’s commitment to promoting access to clean energy and reducing reliance on biomass as a source of energy.

Furthermore, Kyari revealed NNPCL’s collaboration with West Africa Gas Ltd in the construction of its own vessels, a move aimed at enhancing LPG supply within Nigeria to meet market demands. As a key player in the Nigerian gas sector, NNPCL has been actively involved in exploration and development activities across various gas fields in the country, including Ajaokuta, Escravos, and Zabazaba fields, with the goal of expanding the nation’s gas reserves and production capacity. The company continues to seek partnerships with both local and international firms to drive investment in the industry, leveraging joint venture agreements with international oil companies for gas exploration and development.