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.
Log in or register for a free trial to continue reading this article
Already a subscriber?
If you already have a subscription, sign in to continue reading this article.Sign in
Not a subscriber?
To access our premium content, you or your organisation must have a paid subscription. Sign up for free trial access to demo this service. Alternatively, please call +44 (0)20 3004 6203 and one of our representatives would be happy to walk you through the service.Sign up