NNPC/Chevron JV, NDPHC, GACN sign GSAA, reinforce Commitment to Socio-Economic Development of Nigeria

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Lagos, Nigeria, October 9, 2019: Chevron Nigeria Limited (“CNL”), in its capacity as Sellers’ Representative for the Nigerian National Petroleum Corporation and itself, has signed a Gas Sale and Aggregation Agreement (“GSAA”) with Olorunsogo Generation Company Limited, Niger Delta Power Holding Company Limited (“NDPHC”) and Gas Aggregation Company Nigeria Limited (“GACN”).

The agreement was executed on behalf of the four companies by Sanjay Narasimhalu, Director, Downstream Gas, CNL; Chiedu Ugbo, MD, NDPHC; Ifeoluwa Oyedele, Executive Director, NDPHC, for Olorunsogo Generation Company Limited; and Engr Morgan Okwoche, MD/CEO, GACN, respectively.

CNL will supply on an interruptible (reasonable endeavours) basis, a daily contract quantity of 0-63,000MMbtu/d of natural gas to Olorunsogo Generation Company Limited.

The Olorunsogo generation plant at Olorunsogo, Ogun State, is an existing NDPHC electricity generation project designed to supply power of about 750MW into the national grid, support the Federal Government’s drive to develop the power sector and in-turn grow the Nigerian economy. Natural gas is the feedstock of the Olorunsogo generation plant. The GSAA for the supply of the major input needed to run the power generation plant is another demonstration of the NNPC/CNL JV’s commitment to the domestic gas market.

In his remarks, CNL’s Director, Downstream Gas, Mr. Narasimhalu noted that the NNPC/CNL JV is currently the largest and most on-spec supplier of gas to the domestic market. He stated that the JV continues to collaborate extensively with other stakeholders in finding creative solutions to issues relating to the domestic gas market. “The NNPC/CNL JV is committed to supporting the Federal Government of Nigeria’s policy to boost local industries,” he said.

The MD, NDPHC, Mr. Ugbo also emphasized the commitment of NDPHC to continuing in its drive to find lasting solutions to the power generation challenges in the country.

Corroborating the positions of the other partners, the MD/CEO of GACN, Engr Okwoche, affirmed that GACN will continue to collaborate with relevant stakeholders in proffering working solutions to issues around the domestic gas market value chain with the ultimate goal of ensuring growth in the sector.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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