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NNPC Seals Pact With Firm To Unlock $500m Gas Revenue For Nigeria

The Nigerian National Petroleum Corporation in a bid to unlock the over $500m revenue gas market, has entered into collaboration with Sterling Oil Exploration and Energy Production Company Limited.

The agreement was sealed on Friday at the NNPC Headquarters in Abuja.

The Group Managing Director, Mele Kyari, signed the agreement on behalf of the NNPC while Tony Chukwueke, Chairman of Sterling oil exploration and energy production company limited signed for his company.

The NNPC in a tweet said the agreement would assist to increase the Corporation’s footprints in the downstream gas market.

The Corporation in the Tweet also said the pact would help unlock potential revenue of between $500 to $600m for Nigeria.

It said, “NNPC and Sterling Group have signed off an agreement for monetisation of Oil Mining Lease 143.

“This latest development will help increase NNPC’s footprints in the downstream gas market and a potential revenue of $500-$600 mi to Nigeria”.

Recall that the GMD had said that the Corporation was at the centre of gas delivery to the domestic market as it is involved in all the available gas delivery infrastructure in the country either directly or indirectly through joint venture partnership.

SOURCE: TheWhustler