16 March 2014, Lagos – The Nigeria Liquefied Natural Gas (NLNG) weekend in Abuja stated that the country has earned as much as $24 billion in revenue and dividends from its operations in Bonny Island in the last 15 years of its formal existence.
The NLNG explained that of that amount, $13 billion was earned as dividends by the country while another $11 billion was taken in as revenue on sales of feed gas. It also noted that the country now owns $14 billion worth of Liquefied Natural Gas (LNG) assets on the Bonny Island, adding that the a cumulative financial gain of $50 billion has accrued to Nigeria from the meagre investment of $2.5 billion 15 years ago.
The Managing Director of NLNG, Mr. Babs Omotowa stated at the company’s celebration of its 3,000th LNG export cargo in Abuja that the country’s decision to embrace the LNG investment has paid off.
He noted that the LNG investment has captured about four trillion cubic feet (tcf) of associated gas that could have been flared in the country, thus reducing gas flaring by upstream oil and gas companies from over 60 per cent to less than 25 per cent so far from its inception.
– This Day