The $7 billion Train 7 project contract of the Nigerian Liquefied Natural Gas, NLNG, is expected to provide jobs, generate revenue, and decrease gas flaring in the country.
Timipre Sylva, Nigeria's Minister of State for Petroleum Resources, revealed this while speaking on the accomplishments of the Federal Government at the 22nd Petroleum Training Institute, PTI, Effurun, Delta State, graduation ceremony.
According to the minister who was represented by Gabriel Aduda, Permanent Secretary, Ministry of Petroleum Resources, the Cross River State Oil and Gas Park would be finished in 2022.
Sylva said that the contract is a joint venture aimed at increasing Nigeria's liquified gas production, “This administration, in collaboration with the management of NLNG, was instrumental in the signing of the Train 7 contract.
"The Train 7 project is a joint venture consortium that seeks to boost Nigeria’s Liquefied Natural Gas output.
“The contract will bring about employment and development for Nigerians as 55 percent of the engineering activities will be carried out in Nigeria, 55 percent of all procurements will be done by competent Nigerian vendors and 100 percent of the installations and construction of Train 7 will be executed in Nigeria.
“The $7 billion project will support the Federal Government’s drive to generate more revenue from Nigeria’s confirmed gas reserves of about 207 trillion cubic feet and this will further reduce gas flaring in the industry.
“This administration has also been supportive of the efforts to create a Nigerian oil and Gas Park at Odukpani, Cross River State. The groundbreaking ceremony of the park was in 2018 and it is expected to be completed by the 4th quarter of 2022.
“The goal of the park is to create an environment for low-cost manufacturing that will produce equipment components and spare parts that will be used in the Nigerian oil and gas industry.”
“The completion of this project will benefit the national economy because it will help reduce the demand for foreign exchange for the importation of equipment. It will also provide employment opportunities for graduates of the Institute.
“Other areas of success include but are not limited to: coordinating with international partners to promote Nigeria’s petroleum sector, pushing for the establishment of an African Energy Bank, increasing the Nigerian Content Intervention Fund to $350 Million, etc.
“Currently, this administration is making concerted efforts to curtail the issue of crude oil theft which has reduced the government’s revenue and foreign exchange income. Oil theft has denied the country an estimated 700,000 barrels per day. The adverse effect of this is the drop in the production of crude oil,” he added.
The petroleum minister said that the training institute, PTI could accomplish more with greater funding and made the commitment that "the ministry will synergize with the National Assembly to make sure that adequate attention is paid to the amendment of the PTI Act."
He urged the institute to adopt modern approaches and techniques, to fulfill its purpose of supplying qualified labor to the oil and gas industry, noting that fresh petroleum reserves are continually being discovered in Nigeria and throughout the world since "the world still relies largely on hydrocarbons."
A total of 1,156 graduates obtained diplomas and certificates from the Institute for the academic year 2020–2021.
629 graduates got National Diplomas, 501 received Higher National Diplomas, and six received PTI General Welding Certificates.
380 students graduated with higher credit grades, while 112 graduated with distinction, according to PTI Principal, Dr. Henry Adimula.
Economy
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