Minister says FID on Iseni Gas project to enhance local industry growth

Nigeria’s Minister of State, Petroleum Resources (Gas), Ekperikpe Ekpo says the Final Investment Decision FID on the Iseni Project by Shell Petroleum Development Company SPDC and its joint venture partners has opened up a new vista of opportunities for local content compliant contracts for Nigerian firms.

Shell sealed the FID with the Nigeria National Petroleum Company Limited NNPCL, TotalEnergies and Nigerian Agip Oil Company, as joint venture partners, in a deal that will see the building of a dedicated upstream facility to supply 100 million standard cubic feet of gas per day to Dangote Fertiliser and Petrochemical Plant in Lekki, Lagos State South West Nigeria for ten years.

The Minister, commending Shell and its partners for committing to the FID, said the development of the gas-rich Iseni field would go a long way in supporting the Federal Government’s aspirations for the Decade of Gas initiative that is in line with President Bola Tinubu’s commitment to unlock Natural Resources and stimulate continuous investment and growth of the Nigerian economy.

Ekpo said: “I am extremely excited with SPDC, NNPCL, TotalEnergies, NAOC who worked assiduously for the realisation of the FID on the Iseni project that is capable of producing the equivalent of 400MW of energy, which will be delivered into the domestic market when construction is completed. This is a significant milestone in our quest to achieving our aspirations of the Decade of Gas initiative.”

Speaking further, Ekpo said: “Following this FID, I expect local content compliant contracts to be awarded, thus creating jobs in the domestic economy and growing our GDP. This is in line with President Bola Tinubu’s commitment to unlock Natural Resources and stimulate continuous investment and growth of the Nigerian economy.”

According to the Minister, the Iseni Project is a critical gas supply deal that is part of Nigeria’s Decade of Gas Initiative.