NNPC seeks to revive Nigeria's Olokola LNG project

NNPC Ltd has reopened discussions to revive the Olokola LNG (OKLNG) project, an export terminal that has been stalled since major partners including Chevron, BG Group, and Shell withdrew in 2013.

The project is being integrated into a planned industrial and deep-sea port hub at Ogun Waterside. NNPC is currently negotiating with Ogun State regarding land acquisition and investment incentives. Ogun State Governor Dapo Abiodun stated that the state would provide necessary assistance and guarantees, noting that NNPC would pay for the land required within the economic zone.

The development is linked to a memorandum of understanding signed with UAE-based DP World for a deep-sea port at the same location. The OKLNG project is considered a strategic infrastructure component for the surrounding special economic zone. The terminal is expected to require 1,728 hectares of land and 2.5 kilometers of Atlantic coastline to accommodate up to three jetties for loading operations. While local media reports suggest a potential initial investment of $10 billion, NNPC has not yet finalized the financing structure, production capacity, or implementation timeline.