As the Federal Government declares 2020 as the year of gas for the nation, it also plans to replace old gas cylinders with new ones. from circulation.
On the agreements between NNPC and Chevron, NNPC’s Group Managing Director, Mele Kyari, while speaking at a sign-off meeting in Abuja, said CNL would boost the domestic gas market with 400mmscf per day gas supply, equivalent to 26 per cent of total domestic gas supply across the country.
Kyari described the EGTL plant as a cornerstone of the energy ecosystem of Nigeria, adding that it had the potential to yield $2bn yearly into the coffers of the Federal Government.
The Chief Executive Officer, CNL, who was represented by the Director, NNPC/Chevron Nigeria Limited Joint Venture, Monday Ovuede, said the project would open up opportunities for gas commercialisation and monetisation in the oil and gas industry.
Ovuede said one of the values would include provision of clean and environmentally friendly energy, as he assured of his organisation’s commitment to foster mutually beneficial relationship with the corporation in the energy sector.
The occasion witnessed the signing of five sets of agreements which include the Settlement Agreement; Amendment to the Venture Agreement as well as the Sales and Purchase Agreement.
It also featured the Depository Agreement for Special Purpose Vehicle; and Agreement for Power of Attorney to be given to CNL as the representative of the sellers.