The Nigerian National Petroleum Corporation (NNPC) has signed a natural gas deal with Sterling Exploration and Energy Production Company (SEEPCO) that will see the development and commercialization of gas from OML 143. The project is aimed at reducing gas flaring in the country and monetizing this resource.
According to a statement by Group Managing Director of NNPC, Malam Mele Kyari, the deal is a milestone as well as a testament to NNPC’s commitment to facilitating the nation’s transformation into a gas-powered economy. Kyari said that 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 Chairman of SEEPCO, Tony Chukwueke, says the deal is an essential partnership that would help the company fulfil the pledge it made to support the efforts of the Nigerian government to eliminate gas flaring by monetizing it. He also commended NNPC and Kyari 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.