Syntroleum signs MOU for GTL projects in Nigeria

Petroleum News Alaska Staff

Syntroleum Corp. said Sept. 6 that it has signed a memorandum of understanding to develop gas-to-liquids projects in Nigeria, using the country’s largely stranded natural gas reserves, an estimated 2 billion cubic feet per day of which are flared or vented.

Syntroleum said some 200,000 barrels per day of synthetic fuels could be produced from this gas said the Nigeria project “seems an excellent candidate to qualify for carbon credits that can be traded worldwide under the World Bank’s Prototype Carbon Fund.”

Larry Weick, Syntroleum vice president for licensing and business development, said a memorandum of understanding had been executed with NI-OK, LLC, a U.S. and Nigeria-based investment group, to develop gas-to-liquids projects in Nigeria. Nigerian National Petroleum Co. and Nigerian Petroleum Development Corp. would identify flared gas reserves for the project and Syntroleum said it anticipates that additional Nigerian service companies may be invited to join at a later date.

The design and construction of any mobile marine production facilities would fall under the planned joint venture between Syntroleum and Petroleum Geo-Services ASA.