The Nigerian National Petroleum Corporation (NNPC) and the Chevron Nigeria Limited (CNL) have executed agreements over the multi-billion dollars Escravos Gas-to-Liquid (EGTL) project.
Speaking at a sign-off meeting in Abuja, the Group Managing Director of the corporation, Mele Kyari, disclosed that CNL would boost the domestic gas market with 400MMScf per day gas supply, equivalent to 26% of total domestic gas supply in the country.
Kyari, who described the EGTL plant as “a cornerstone of the energy ecosystem of Nigeria” disclosed that it had the potential to yield $2billion into the coffers of the Federal Government.
He acknowledged the roles played by President Muhammadu Buhari and the Chairman, Senate Committee on Gas, Sen. Bassey Akpan, which he noted had culminated into the execution of the agreements, assuring that the Federal Government was committed to the project.
Speaking at the event, Chief Executive Officer of CNL, who was represented by the Director, NNPC/Chevron Nigeria Limited Joint Venture, Mr. Monday Ovuede, said the project would open up opportunities for gas commercialization and monetization in the oil and gas industry.
Ovuede stressed that one of the values of the project would include provision of clean and environmentally friendly energy.
He assured of his organization’s commitment to foster mutually beneficial relationship with the NNPC in the energy sector.
Five sets of agreements which include the Settlement Agreement; Amendment to the Venture Agreement; Sales and Purchase Agreement; Depository Agreement for Special Purpose Vehicle; and Agreement for Power of Attorney to be given to CNL as the representative of the Sellers, we’re signed during the event.