Oando PLC, Nigeria Agip Oil Company, NAOC, Shell Petroleum Development Company, SPDC, other indigenous and international oil companies in partnership with the Nigerian National Petroleum Corporation, NNPC, has signed an agreement to implement Gas Projects worth $3.7 billion.
The gas projects tagged: ‘Seven Critical Gas Development Projects (7CGDP)’ is set to bridge the gas supply shortfall in the country.
The 7CGDP is an integral part of the gas development strategy designed by the NNPC to leverage the full potential of gas to meet the target of generating at least 15 gigawatts (GW) of electricity by 2020.
The agreement includes the development of the 4.3 trillion cubic feet (TCF) Assa North/Ohaji South field, the development of the 6.4 TCF Unitized Gas fields (Samabri-Biseni, Akri-Oguta, Ubie-Oshi and Afuo-Ogbainbri) and the development of 7 TCF Nigerian Petroleum Development Corporation’s OMLs 26, 30 and 42.
Speaking at the event, the Chief Operating Officer, Oando Energy Resources, Dr. Ainojie Irune, said: “The company’s focus was to ensure that indigenous companies play an integral role in creating the new Nigeria; a Nigeria where as a result of our combined efforts we are driving industrialisation, driving the commercial use of gas, and ultimately creating and enhancing value for the nation. The NAOC Joint Venture (JV) of which Oando is a part of will be responsible for unlocking almost 50% of the 42 trillion cubic feet that the 7-Critical Gas Development Projects aims to deliver by 2020.”