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FG signs MoU with 13 firms on accelerated gas development
2010.01.11
Federal Government has signed Memorandum of Understanding (MOU) with 13 gas companies to accelerate gas development projects at various on-shore fields in the Niger Delta Region.
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According to a release by the press and public relations unit of the Ministry of Petroleum, at the weekend, the Minister, Rilwanu Lukman, who signed on behalf of the government at the ceremony underscored the importance of the projects by describing the occasion as historic.
Lukman noted that the agreement demonstrated the determination of the government to end gas flaring and to address the challenges posed by the continuous flaring of gas to the oil host communities, the environment and government at all levels concerned.
While describing the projects as "low hanging fruits which would allow us see immediate benefits compared to the Gas Master Plan, an infrastructure development projects", he disclosed that government was aware of the enormous challenge to take out these flares.
This, he said, has informed the decision to allow third party investors have access to the oil fields at the flow stations or well head to obtain gas that would have otherwise been flared.
He explained that these projects would strip gas of liquids to be used as feedstock for petrochemical industry, domestic and auto LPG and the dry gas used for power generation.
"This would accelerate economic development of our country across many sectors," he added.
Dr. Lukman, who expressed confidence that when operational, the projects would provide the much needed intervention in addressing issues on job creation, poverty alleviation as encapsulated in the Vision 20-2020.
He therefore enjoined the companies to hasten all commercial agreements with the international oil companies in order to meet the first quarter 2010 deadline for the eventual signing of the definitive agreements with the government.
According to the release, the accelerated gas development projects are targeting onshore fields with a combined feed of over 250 mmscf/day and are expected to be realised within 12 - 18 months.
Some of the investors in the gas projects are Colechurch, Gas For Development, Global Energy Refining, Ibeto Group of Companies, Octopol, Petrolog Nigeria Limited and Seven Energy Consortium.
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