The NLNG is owned by Nigerian National Petroleum Corporation (49 per cent)which represents the Federal government, Shell (25 per cent), Total LNG Nigeria Limited (15 per cent) and Eni (10.4 per cent).
The NLNG’s revenue dropped from $10.791bn in 2014 to $6.843bn in 2015, due to huge drop in crude oil prices.
According to the ‘Facts and Figures on NLNG 2017’ released on Wednesday,dividends to the NNPC plunged from $1.044bn in 2015 to $356.127m last year, the lowest in 10 years, .
The international oil companies got $380.959m in dividends last year, down from $1.117bn in 2015.
The Managing Director and Chief Executive Officer, NLNG, Mr. Tony Attah, while presenting the document in Lagos, noted that the company took a beating from the fall in crude oil prices in the global markets.
“This opportunity has nearly disappeared since late 2015 following the fall in oil price,” the company said.
With six trains currently operational, the NLNG is capable of producing 22 million tonnes per annum of the LNG, and 5mtpa of natural gas liquids from 3.5 billion standard cubic feet per day of natural gas intake.
According to the Punch, the company currently manages 16 long-term LNG sale and purchase agreements executed with 10 buyers on a delivered ex-ship basis.
It said, “The long-term LNG buyers take delivery of their volumes at receiving facilities spread across the Atlantic basin in countries such as Spain, France, Portugal and Italy in Europe, Turkey, Mexico and the United States of America.”
Nigeria is blessed with abundant reserves of associated and non-associated gas, estimated to be in excess of 180 trillion cubic feet.
The country is ranked ninth in terms of proven natural gas reserves in the world, estimated to be sufficient to sustain current production rates for over 60 years, according to the NLNG.
He said from 1999 to 2015, the NLNG converted 5.16Tcf of associated gas to export products, which otherwise would have been flared.
“With further improvement in the collection of associated gas, the NLNG with its six-train LNG/NGL complex will reduce upstream flaring in Nigeria even further,” he said, putting its current daily consumption at about 3.5 bcf.”
On domestic supply of Liquefied Petroleum Gas (cooking gas), the company said its intervention had helped stabilize the price of the commodity in the country.