Nigeria’s Brass LNG is facing a complete restructure as stakeholders attempt to revive the project, which has been at a standstill since 2013. The allocation of ring-fenced shares is a key problem needing to be resolved.
United States-based ConocoPhilips left the planned 10 mpta project in 2014, when it sold off all its Nigerian assets. Since then, the shares have been ring-fenced by the Nigerian government and remain unallocated.
Reviving the project means Conoco’s shares will need to be reallocated to a different shareholder – which will mean making significant changes, according to a source from a company bidding on Nigerian gas projects.
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