Friday, 19 April 2024 04:43

FG, Shell reach agreement on gas supply for $3.8bn Brass Methanol project

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Nigeria has reached a pivotal agreement with Shell for the supply of gas to its ambitious $3.8 billion Brass methanol facility, marking a significant breakthrough in overcoming key obstacles towards the final investment decision on the project. Minister of State for Gas, Ekperikpe Ekpo, announced the milestone on Thursday, heralding a new era of progress for Nigeria's natural gas sector.

Blessed with Africa's largest natural gas reserves exceeding 200 trillion cubic feet, Nigeria has long grappled with unlocking the full potential of this valuable resource, hindered by financial limitations and inadequate infrastructure. However, with the Gas Supply and Purchase Agreement (GSPA) now in sight, Nigeria stands poised to harness its gas wealth for economic advancement.

According to Ekpo, negotiations with Shell's Nigeria CEO and executives from other key stakeholders have yielded fruitful outcomes, paving the way for the imminent execution of the GSPA next month.

This agreement is instrumental for the Brass methanol project, which will be situated on Brass Island in Bayelsa state.

The GSPA secures a reliable, long-term gas supply from a Shell-operated joint venture, ensuring sustained operations for the methanol production facility.

The commitment of the NNPC/Shell joint venture partners to provide uninterrupted gas supply underscores their dedication to the success of the Brass Methanol project.

The project encompasses a comprehensive infrastructure setup, including a gas processing plant, a methanol production and refining site, as well as export facilities for the finished products. With this agreement in place, Nigeria takes a decisive step forward in realizing its vision of becoming a global player in the methanol industry, leveraging its abundant natural gas resources for sustainable development and economic growth.

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