The Chairman of Sterling Exploration and Energy Production Company (SEEPCO) Mr. Tony Chukwueke, says the company has so far invested about $600 million to boost gas development for the Nigerian market.
He disclosed this while speaking during an agreement signing between SEEPCO and the Nigerian National Petroleum Corporation (NNPC) for the development and commercialization of gas from the Oil Mining Lease (OML) 143.
Chukwueke described the agreement signing as 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 $600 million for that purpose.
He further described the deal as an essential partnership that would help the company fulfil the pledge it made to support the efforts of the Nigerian government to eliminate gas flaring by monetizing it.
Speaking at the agreement signing ceremony which held at the NNPC Towers, Group Managing Director of NNPC, Mr. Mele Kyari, described the execution of the deal as a great milestone and 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 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.