The Nigerian National Petroleum Corporation (NNPC) has concluded arrangement with Sterling Global to monetize Oil Mining Lease 143 (OML 143).
NNPC announced this on its Twitter handle on Friday after the signing of the deal at NNPC headquarters.
The General Managing Director (GMD), Mallam Mele Kyari signed the deal on behalf of the Nigerian National Petroleum Corporation.
On the other hand, Mr. Tony Chukwueke, Chairman of Sterling Oil Exploration & Energy Production Company Limited (SEEPCO), signed for his company.
According to the integrated national oil and gas company, this latest deal on OML 143 will help increase NNPC’s footprints in the downstream gas market.
It will also serve as a potential revenue of $500-600 million to the Federal Government of Nigeria.
The tweet reads:
@NNPCGroup & Sterling Global have signed off on agreements for monetization of Oil Mining Lease 143 (OML 143) . This latest development will help increase #NNPC’s footprints in the downstream gas market and a potential revenue of $500-600m to #Nigeria.”
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See more photos of the ceremony below:
Details of the deal and what it means for both parties will follow.
Meanwhile, in another development, NNPC GMD, Mallam Kyari, on Thursday, hosted a petroleum downstream stakeholders’ engagement.
The engagement was focused on putting in place necessary mechanisms to ensure efficient supply and distribution of petroleum products in a deregulated market for the benefit of Nigerians.
Present at the engagement were the following stakeholders:
- Nigeria’s Petroleum Industry Regulator, Department of Petroleum Resources (DPR)
- Petroleum Products Pricing Regulatory Agency (PPPRA)
- Petroleum Equalisation Fund (PEF)
- Petroleum Technology Development Fund (PTDF)
- National Association of Road Transport Owners (NARTO)
- Major Oil Marketers Association of Nigeria (MOMAN)
- Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN)
- Petroleum and Natural Gas Senior Staff Association of Nigerian (PENGASSAN)
- Nigeria Union of Petroleum and Natural Gas Workers (NUPENG)
- Federal Road Safety Commission (FRSC), and,
- Federal Roads Maintenance Agency (FERMA).
More details of the deal here: OML 143: NNPC, SEEPCO Sign Gas Development Deal