Nigeria: NNPC, Gazprom Sign MOU On Oil, Gas Exploration
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This Day (Lagos)
4 September 2008
Posted to the web 4 September 2008
Chika Amanze-Nwachuku
Lagos
The Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) with Russian gas giant, Gazprom, on oil and gas exploration.
The agreement signed by Gazprom Chief Executive Officer, Alexei Miller and the Group Managing Director of NNPC, Engr. Abubakar Yar'Adua' in Moscow on Wednesday, is for projects in exploration, production, transportation of hydrocarbons, processing of associated gas, as well as construction of power plants in Nigeria.
Under the MoU, the parties were said to have agreed that a joint Russian-Nigerian company be formed to co-ordinate the various projects.
NNPC General Manager, Public Affairs, Dr. Livi Ajuonuma confirmed yesterday that the agreement in principle between the corporation and Gazprom is a welcomed development, which will make the country to achieve its gas potentials.
Ajuonuma said details of the deal would be made available during the week, as the GMD who represented the corporation was yet to return to Nigeria.
"It is an agreement in principle, and a welcome development that Gazprom has agreed to come and invest in Nigeria", he said.
Russia has the largest natural gas reserve, with 1,700 trillion cubic feet, or 48 trillion cubic meters. The two countries that rival Russia in natural gas reserves are Iran, with 971 trillion cubic feet and Qatar with 910 trillion cubic feet.
Nigeria has a gas reserve of about 187 trillion cubic feet, which was discovered during oil exploration.
Determined to make more revenue from gas as in oil, the federal government had last year opened discussion with representatives of Gazprom, biggest gas exporter in the world for possible investment in Nigerian oil and gas sector.
President Umaru Musa Yar'Adua and his Russian counterpart, Vladimir Putin had last year met on the business relationship.
Russia was said to have been yearning to go global in terms of acquiring assets and developing strategy outside its country.
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The country, which eyes African countries had offered to provide both the technical expertise and financial resources.
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