Nigerian National Petroleum Corporation (NNPC) and Sterling Exploration & Energy Production Company (SEEPCO) Sign Gas Development Deal
By Richard Adorsu-
NEW AFRICA BUSINESS NEWS (NABN) Accra, Ghana– The Nigerian National Petroleum Corporation (NNPC) and Sterling Exploration & Energy Production Company (SEEPCO) have signed an agreement for the development and commercialization of gas from the Oil Mining Lease (OML) 143 that could help reduce gas flaring in the country. Speaking at the agreement signing ceremony which was held at the NNPC Towers, the Group Managing Director of NNPC, Malam Mele Kyari, described the execution of the deal as a great milestone as well as a testament to NNPC’s commitment to facilitating the nation’s transformation into a gas-powered economy.
He said the deal would not only help reduce gas flaring and its environmental hazards, but would also promote gas production and utilization in the domestic market.
The GMD also commended SEEPCO for its unwavering commitment to gas development and commercialization in the country which has led to the establishment of a Special Purpose Vehicle that will help expand gas utilization in the country be clean, cheap and reliable access.
On his part, the Chairman of SEEPCO, Mr. Tony Chukwueke, described the deal as an essential partnership that would help the company fulfill the pledge it made to support the efforts of the Nigerian government to eliminate gas flaring by monetizing it.
He commended NNPC and the GMD for ensuring the execution of the agreement which he described central to the achievement of the company’s cardinal objective of boosting production of Liquefied Petroleum Gas (LPG), condensate and dry gas for the Nigerian market, adding that the company has invested about $600 million for that purpose.
For New Africa Business News Richard Adorsu Reports, Africa Correspondent
AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com