Based on the huge financial commitments of the Federal Government of Nigeria on many oil and gas projects and the statutory duty of the government to render diverse socio-economical responsibilities to the people, it is worthy and justified to evaluate the economic profitability of a typical liquefied natural gas (LNG) project under different fiscal regimes. The LNG project considered here is Brass LNG and the fiscal regimes are joint ventures (JVs) and production sharing contracts (PSCs).Since 2000, prices of natural gas in the North American region have risen to an averaging value of US$4.50/MMBtu, the heating value for natural gas is 1.0 MBtu/scf, therefore, for the purpose of this study, natural gas feedstock price of US$4.50/Mscf is considered. Also, the least LNG price projected by the Energy Information Administration is about US$5.40/MMBtu. In this work, the natural gas price and ranges of LNG prices are used in evaluating economic indices such as net present value, minimum cost-effective LNG price, internal return rate (IRR), profitability index, return on investment (ROI), and R-factor.For the Brass LNG plant, under JVs, the minimum cost-effective LNG price is estimated as US$2.54/MMBtu. The IRR values for the company, contractors and government at an LNG price of US$5.40/MMBtu are found to be 191.68%, 191.68%, and 498.68%, respectively; while the corresponding profitability index, annualized ROI and R-factor for the company are 11.999, 191.70%, and 2.286, respectively. However, under PSCs, the minimum cost-effective LNG price is evaluated as US$2.76/MMBtu. The IRR values for the company and contractors at an LNG price of US$5.40/MMBtu are found to be 282.51 and 75.62%, respectively; while the IRR value for the government has no limit. Also, the corresponding profitability index, annualized ROI and R-factor for the company are 17.683, 282.51%, and 2.352, respectively. Hence, JVs is found to accommodate relatively lower product sales price compared to PSCs and it is also more favorable to contractors than PSCs; however, PSCs are a more favorable fiscal regime to the company compared to JVs. Under PSCs, the project is found to be highly beneficial to the government irrespective of the discount rate
