The Minister of State for Petroleum Resources, Chief Timpre Sylva, has tasked the Nigerian Liquefied Natural Gas Limited (NLNG) to play a pivotal role in the domestic gas expansion project.
Sylva, made this known during the inauguration of the NLNG Corporate headquarters in Port Harcourt, Rivers State, a weekly review of activities by the Nigerian national petroleum Corporation, for last week, stated.
The minister at the event stated that the federal government, Rivers State and host Communities would benefit from the development.
Group Managing Director of NNPC Malam Mele Kyari, represented by the Chief Financial Officer, Umar Ajiya, in a goodwill message, said that the event was a demonstration of commitment to excellence.
He said the Corporation was prepared to partner with other stakeholders to expand the NLNG business from Train 7, 8, 9 and 10.
Also speaking, the Managing Director of the NLNG, Engr. Tony Attah, described the ceremony as an actualisation of commitment to Rivers State and to Nigerians as a successful business model that is poised to deliver value.
Also for last week, NNPC said along with its Production Sharing Contract (PSC) partners – Shell Nigeria Exploration and Production Company (SNEPCo), Total Exploration and Production Nigeria Limited (TEPNG), Esso Exploration and Production Nigeria Limited (EEPNL) and Nigerian Agip Exploration (NAE), it signed agreements to renew Oil Mining Lease (OML) 118 for another 20 years.
The five agreements signed include, Dispute Settlement Agreement, Settlement Agreement, Historical Gas Agreement, Escrow Agreement and Renewed PSC Agreement.
NNPC GMD said that over 10billion dollars of investment would be unlocked as a result of the agreements.
He disclosed that the deal would yield over 780 million dollars in immediate revenues to the Federal Government while it would also free the parties from over 9 billion dollars in contingent liabilities. (NAN)
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