By Modupe Gbadeyanka
The sum of $2 billion is expected to be made from the Escravos Gas-to-Liquid (EGTL) project, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has disclosed.
Mr Kyari made this disclosure in Abuja this week when the state-owned oil agency signed a multi-billion Dollar EGTL project with Chevron Nigeria Limited (CNL).
Speaking at the sign-off meeting, the NNPC boss stated that CNL would boost the domestic gas market with 400MMScf per day gas supply, equivalent to 26 percent of total domestic gas supply in the country, describing the EGTL plant as “a cornerstone of the energy ecosystem of Nigeria,” saying further that it has the “potential to deliver an estimated amount of $2 billion, lifecycle, to government.”
NNPC Acting Group General Manager, Group Public Affairs Division, Mr Samson Makoji, said in a press statement that Mr Kyari acknowledged the roles played by President Muhammadu Buhari and the Chairman, Senate Committee on Gas, Mr Bassey Akpan, which he noted had culminated into the execution of the agreements, assuring that the Federal Government was committed to the project.
In his remarks, the MD/CEO of CNL, who was represented by the Executive 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.
Mr Ovuede stressed that one of the values would include provision of clean and environmentally friendly energy, assuring of his organisation’s commitment to foster mutually beneficial relationship with the corporation in the energy sector.
The highpoint of the event was the signing of 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.
