- The challenges created by the exit of ConocoPhillips has thrown up litigation challenges, which has delayed the takeoff of the $20 billion investments on Brass Liquefied Natural Gas (Brass LNG) project for nine years.
- This has subjected Final Investments Decision (FID) on the project to one of the most-delayed LNG projects in the country. A source at the Nigeria National Petroleum Corporation (NNPC) told our correspondent that any effort to go ahead with such investment now would make government run into litigation with other shareholders.
He said: “We have to do what we did (putting FID on hold) to avoid litigations and to prevent running into trouble with our partners.
“I am sure it is better to sort out everything before we go into the FID and I think that you will agree with me that this has to be done properly. The NNPC is the representative of Nigeria on the project and I believe that it should do the right thing to protect government’s interest.”
- The project, he said, has continued to face some difficulties in the areas of expertise, funding, drive and market, according to industry sources. The FID for the project had suffered several postponements, as it should have been executed in December 2006 and later in December 2008. It was also postponed to the first quarter of 2011, with construction expected to start by mid- 2011.
- Source: New Telegraph
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