Brass LNG May Suffer Delay As ConocoPhillips Extends Nigeria Exit

Brass LNG

VENTURES AFRICA – The Final Investment Decision (FID) of the multi-billion dollar gas project, Brass Liquefied Natural Gas (LNG) Limited, may suffer more setbacks as one of its key shareholders, ConocoPhillips (COP) rescheduled its final exit from the company to March 2014.

“Since their [exit] announcement, they have decided to have one of their legs inside the Brass LNG Ltd and the other outside,” an anonymous source told local newspaper, ThisDay.

He said the delay was not only deterring would-be investors from indicating interest but generally hurting the Brass LNG project.

American oil firm, ConocoPhillips had unveiled plans to shut down its Nigeria operations, particularly the Brass LNG Project, by the last quarter of 2013, to enable it pursue other business interests.

However, the company later announced that it would not conclude the exit process till March 2014.

Reacting to this, Chairman of Brass LNG, Dr. Jackson Gaius-Obaseki said, the delay was not envisaged.

At its recent meeting in Paris, shareholders of the Brass LNG project also expressed concern over the delayed exit of the American firm “as well as the current attitude of their licensing group.”

They insisted that there were “urgent steps to be taken” to protect the interest of investors, LNG buyers, as well as ensure maximum benefits to Nigerians and the government.