The Nigerian National Petroleum Corporation (NNPC) and Sterling Exploration and 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.
They explained that the agreement had been reached in line with the duo’s commitment to facilitating the nation’s transformation into a gas-powered economy.
The NNPC Group Managing Director, Mele Kyari, said that deal would not only help reduce gas flaring and its environmental hazards, but would also promote gas production and utilization in the domestic market.
Speaking during the agreement signing ceremony which held recently at the NNPC Towers, Kyari said that the agreement reflects the national oil’s company commitment to developing the oil and gas sector.
The GMD also commended SEEPCO for its unwavering commitment to gas development and commercialization in the country which, he claimed, led to the establishment of a Special Purpose Vehicle that would help expand gas utilization in the country as a cleaner, cheaper and more reliable alternative form of energy.
On his part, the Chairman of SEEPCO, 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 the 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.
