Hope rises for abandoned Olokola LNG project, in Ogun Waterside

Nigerian National Petroleum Corporation (NNPC), is considering reviving the abandoned Olokola Liquefied Natural Gas project, in the Ijebu Waterside axis of Ogun State.

The $9.8 billion LNG project, located at the Ogun State border with Ondo State, was initiated by the defunct Obasanjo administration in 2005.

The project has since been abandoned, following the pull out of major investors, including chevron, shell and UK BG group.

Petroleum Resources Minister of State, Dr. Ibe Kachikwu, raised the hope of reviving the abandoned project, at the Nigeria LNG project at Bonny Island, in Rivers State.

The Minister explained that NNPC has been engaging the stakeholders on how to revive the project.Before the project was abandoned, NNPC had spent $600 million on the project.

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