(Ecofin Agency) - The Nigerian National Petroleum Corporation (NNPC), Total and Eni are planned to meet by early January concerning the $15 billion Brass Liquefied Natural Gas (LNG) project located on Brass Island, Bayelsa State.

This shareholders who have invested about $1 billion on early works, without signing a Final Investment Decision (FID), are to meet in London between January 10 and 12, 2017 in order to make a decision on the project, THISDAY reports.

According an official of one of the shareholders, the Brass LNG project is still on the right track and the lack of political will on the part of the Goodluck Jonathan administration and the protracted withdrawal of ConocoPhillips from the project is to be blamed for the delay in the signing of the FID. He added that the shareholders (NNPC, ENI, Total and ConocoPhillips) were about to sign the FID before the ConocoPhillips withdrew from Nigeria.

“It took them a very long time from the period they made the announcement to the period they finally pulled out, because they were looking for investors who will buy their oilfields in Nigeria and their 17 per cent stake in Brass LNG. When they found Oando, the company could only buy their oilfields immediately. So, their withdrawal was very protracted and this affected the Brass project. Again, we were to use ConocoPhillip’s cascade technology to build the plant. When they pulled out, they dragged their feet before they agreed to give us the licence to use the technology. Even when they agreed, they said that they would not be held responsible if anything happens to the plant in the course of using their technology,” he added.

The anonymous official noted that the Minister of State for Petroleum, Emmanuel Kachikwu secured an $80 billion funding from China and Indian and the shareholders are hopeful that Brass LNG will benefit from the funding.

Anita Fatunji