NIGERIA: NNPC, SEEPCO Sign OML 143 Monetization Agreement

The Nigerian National Petroleum Corporation (NNPC) and Sterling Global have signed off on agreements for monetization of its fully operated Oil Mining Lease (OML) 143. According to NNPC this latest development will help increase NNPC’s footprints in the downstream gas market and a potential revenue of $500-600m to the country.

Group Managing Director Mallam Kyari signed the dotted lines on behalf of NNPC group, while  Tony Chukwueke, Chairman of Sterling Oil Exploration & Energy Production Company Limited (#SEEPCO), signed for his company.

SSEPCO currently produces the  Okwuibome Blend of crude oil which is popular amongst North America, France, Italy, United Kingdom, Australia, South Africa and parts of Asia owing to its low sulfur and sweet crude quality. The mix of energy that provides heat, light and mobility for billions of people is shifting towards lower-carbon sources, driven by advancement in technology and growing concerns about climate change.