Uche Usim, Abuja Adewale Sanyaolu
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari, has disclosed that the NNPC/ Chevron Nigeria Limited (CNL) multimillion dollars Escravos Gas-to-Liquid (EGTL) project is capable of generating $2 billion.
Speaking at a sign-off meeting in Abuja, Kyari, disclosed that CNL would boost the domestic gas market with 400MMScf daily gas supply, equivalent to 26 per cent of total domestic gas supply in the country.
The NNPC GMD described who described the EGTL plant as “a cornerstone of the energy ecosystem of Nigeria” disclosed that it has 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.
In his remarks, the 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 would include provision of clean and environmentally friendly energy.
He assured of his organization’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.
Meanwhile, Kyari, has appreciated Nigerians for the trust and confidence reposed in the corporation.
The GMD gave the commendation in his Christmas message to Nigerians in which he reiterated the commitment of the corporation to ensuring a transparent and accountable system for the benefit of all Nigerians.
“NNPC is always there to serve all Nigerians and to provide energy security that they deserve and to also ensure that government meets its obligations to its citizens as promised by the President to make life easy,” he said.
The GMD, who wished all Nigerians happy Christmas celebration and a prosperous new year in advance, prayed that all those traveling for the festivities arrive their destination safely.
“We are very happy to wish our fellow countrymen a successful and a happy Christmas tomorrow and a prosperous new year in advance”, he said.