In fulfillment of its commitment to increasing power supply in the country and further tapping into the ‘gas to power’ value chain, the Federal Government today signed a number of agreements that will add more than 500 MW electric power to the National Grid.
Specifically a number of agreements were signed by the FG, World Bank, Niger Delta Power Holding Company, NDPHC, Nigerian Bulk Electricity Trading, NBET, and the gas supplier, Seven Energy, an integrated gas company in Nigeria, which is investing about $500m in the construction of gas processing facility at the Uquo Field in Akwa Ibom State.
For instance, an agreement for a Partial Risk Guarantee (PRG) between NDPHC and the World Bank was signed to secure the supply of about 130 million cubic feet per day of gas to NIPP Calabar Plant by Seven Energy.
The Vice President, Prof. Yemi Osinbajo at the signing ceremony described the agreements as significant, enabling the consistent additional generation of more than 500 MW of electricity to the national grid.
