The $7 billion Train 7 project contract of the Nigerian Liquefied Natural Gas, NLNG, is to boost employment, generate revenue as well as reduce gas-flaring in the country.

Minister of State for Petroleum Resources, Timipre Sylva, made the disclosure in his speech on the achievements of the Federal Government during the 22nd graduation ceremony of Petroleum Training Institute, PTI, Effurun, Delta State.

The minister represented by Gabriel Aduda, Permanent Secretary, Ministry of Petroleum Resources also said the Oil and Gas Park in Cross River State would be completed in 2022.

According to him, "This administration, in collaboration with the management of NLNG, was instrumental in the signing of the Train 7 contract. The Train 7 project is a joint venture consortium that seeks to boost Nigeria's Liquefied Natural Gas output.

"The contract will bring about employment and development for Nigerians as 55 per cent of the engineering activities will be carried out in Nigeria, 55 per cent of all procurements will be done by competent Nigerian vendors and 100 per cent of the installations and construction of Train 7 will be executed in Nigeria.

"The $7 billion project will support the Federal Government's drive to generate more revenue from Nigeria's confirmed gas reserves of about 207 trillion cubic feet and this will further reduce gas flaring in the industry.

"This administration has also been supportive of the efforts to create a Nigerian oil and Gas Park at Odukpani, Cross River State. The ground breaking ceremony of the park was in 2018 and it is expected to be completed by the 4th quarter of 2022.

"The goal of the park is to create an environment for low-cost manufacturing that will produce equipment components and spare parts that will be used in the Nigerian oil and gas industry."

"The completion of this project will benefit the national economy because it will help reduce the demand for foreign exchange for importation of equipment. It will also provide employment opportunities for graduands of the Institute.

"Other areas of success include but not limited to: coordinating with international partners to promote Nigeria's petroleum sector, push for the establishment of an African Energy Bank, increasing the Nigerian Content Intervention Fund to $350 Million etc.

"Currently, this administration is making concerted efforts to curtail the issue of crude oil theft which has reduced the government's revenue and foreign exchange income. Oil theft has denied the country of estimated 700,000 barrels per day. The adverse effect of this is the drop in the production of crude oil," he added.

Copyright Vanguard. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English