OML 143: NNPC, SEEPCO Sign Gas Development Deal



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.

Speaking at the agreement signing ceremony which held at the NNPC Towers, the Group Managing Director of NNPC, Mallam 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 as a cleaner, cheaper and more reliable alternative form of energy.

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 the production of Liquefied Petroleum Gas (LPG), condensate and dry gas for the Nigerian market, adding that the company has invested about $600million for that purpose.

  • Pix: NNPC GMD, Mallam Mele Kyari

Leave a Reply

Your email address will not be published. Required fields are marked *