The Nigerian National Petroleum Corporation (NNPC) on Thursday signed a gas development agreement with Sterling Oil Exploration and Production Company (SEEPCO) for the execution of the Oil Mining Lease (OML) 143.
Speaking at the signing ceremony which was held at the NNPC Towers, Abuja, the NNPC Group Managing Director, Mr. Mallam Mele Kyari, said the gas commercialization strategy of the Corporation is in sync with the Federal Government’s National Gas Expansion Programme.
He added that added that the gas from the project will be processed at the Ashtavinayak Hydrocarbon Limited producing 125million standard cubic feet of gas per day.
Mr Kyari also said the development of OML 143 will bring value for the Federal Government, NNPC and SEEPCO Group which will in turn boost the nation’s gas production by 1.2trillion cubic feet and extension have significant impact on the economy.
On his part, the Group Managing Director of SEEPCO, Mr. Tony Chukwueke, says the OML 143 GDA is a major milestone for the country because it will the first Agreement in Nigeria that fully separates gas development from oil production.