Nigeria Expects Accord on Brass LNG Project

An agreement to build an $8 billion liquefied-natural-gas project in southeastern Nigeria is expected to be signed in the first quarter of 2011, said Jackson Gaius-Obaseki, chairman of Brass LNG Ltd. “The take off and signing of the final investment decision of the project will be done before the end of first quarter,” Gaius-Obaseki said in an e-mailed statement yesterday from the capital, Abuja.

The liquefied natural gas plant will be built at Brass in Bayelsa state in the West African country’s oil-rich Niger River delta. The state-owned Nigeria National Petroleum Corp. has a 49 percent stake in Brass LNG. Total SA, Eni SpA and ConocoPhillips Co. each hold 17 percent. Nigeria had proven natural gas reserves of 185 trillion cubic feet as of January this year, the world’s eighth-largest, according to the U.S. Energy Information Administration.