Follow Us on Google
By Adewale Sanyaolu
The Federal Government’s effort to boost the country’s gas sector has received a significant boost with the signing of a Gas Sales and Purchase Agreement (GSPA) for the Brass Fertilizer and Petrochemical project in Bayelsa State.
This landmark agreement, supervised by the Minister of State Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, paves the way for the Brass Fertilizer and Petrochemical Company Limited (BFPCL) and its partners to achieve financial closure for the Brass Fertilizer and Methanol Project.
The JV partners, comprising NNPC Ltd, Shell Petroleum Development Company (SPDC), TotalEnergies Ltd, and Eni, will supply 270 million standard cubic feet of gas per day (270MMscfd) to BFPCL, the largest single GSPA to any domestic gas off taker in Nigeria.
This project is expected to generate over $1.5 billion annually from exports of fertilizers, petrochemicals, and other gas-based products.
Ekpo, in his speech at the event, praised President Bola Tinubu’s steadfast support and guidance.
The Gas minister urged all parties to maintain their steadfastness, expecting BFPCL and its partners to achieve financial closure and commence construction soon to “bring in much needed Foreign Direct Investment (FDI) and create thousands of jobs for our teeming population.”
The Permanent Secretary, Ministry of Petroleum Resources, Ambassador Nicholas Ella Agbo, described the GSPA as a significant milestone in monetising Nigeria’s vast gas reserves, currently over 209 trillion cubic feet.
The Managing Director of BFPCL, Dr. Ben Okoye, lauded President Tinubu and Ekpo for their roles in finalising the GSPA. Okoye emphasised the need to unlock Nigeria’s gas deposits promptly, citing the urgency to utilise gas before it becomes less relevant.
Bayelsa State governor, Sen. Douye Diri, welcomed the project, highlighting its potential to generate employment opportunities for the state’s youths and Nigeria at large.
