The Nigeria Oil and Gas Sector has witnessed a major investment milestone in the gas sector as Temile Development Company Ltd (TDC) a Nigerian offshore gas development, storage, and transportation-focused company signed a contract with Hyundai Heavy Industries (HHI) for the construction of an 88,000 cubic meter Very Large Gas Carrier (VLGC), alongside a construction supervision agreement with NLNG Shipping & Marine Limited (NSML).

The construction of an 88,000 cubic meter Very Large Gas Carrier (VLGC) and the construction and supervision agreement contract valued at over $250 million have projected TDC’s total investment in Nigeria’s gas value chain to $450 million in the last four years.

Witnessing this colorful occasion among other stakeholders in the Nigeria energy circle is the Nigerian Minister of State for Petroleum (Gas) Honourable Ekperikpe Ekpo who described this giant investment stride taken by Temile as a bold and commendable show of confidence in the nation’s gas potential and as a great success in the actualization of the present administration developmental vision in harnessing its abundant gas reserves.

“This project is more than an infrastructure deal; it is a powerful statement of what’s possible when indigenous companies lead with vision and purpose. It is a key step in achieving the objectives of the Decade of Gas. It aligns squarely with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which aims at economic diversification, job creation, and sustainable energy growth.

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“As Minister, I reaffirm the Federal Government’s commitment to supporting such initiatives through robust policy frameworks and enabling environments. I encourage other stakeholders to emulate this dedication and recommit to collaboration, innovation, and deepening local content in the sector,” Hon Ekperikpe stated.

The minister seized the investment opportunity created and showcased by Temil’s confidence and belief in Nigeria’s oil and gas industry to woo potential and prospective foreign investors to unlock the nation’s vast natural gas reserves, noting that venturing into such investment is an act of building for the future.

 Honorable Ekperikpe further expressed his profound congratulations to Temile Development Company on this remarkable achievement which represents a significant stride towards deepening the utilization of the nation’s vast gas resources and increasing gas revenues.

Temile Development Company has in January 2024 completed its 23,000 cubic meters of ultra-modern Liquefied Petroleum Gas (LPG) Carrier – Alfred Temile 10 – in Ulsan, South Korea.