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OEPL Signs PSC, GMoU on OPL 236
Oando Exploration and Production
(OEPL), in line with its commitment
to fast track the development
of its upstream assets,
has signed a Global Memorandum
of Understanding on Ukana
South 1 OPL 236 with its host
communities, in Uyo, Akwa Ibom
State, in the South-South region
of Nigeria.
Earlier, on Wednesday 20 th February,
2008 also in Uyo, Akwa
Ibom State, OEPL had signed a
Product Sharing Contract Agreement
(PSC) with the Nigerian
National Petroleum Corporation
(NNPC) over the same field.
With the signing of the PSC and
GMOU, Oando has displayed its
readiness to commence activities
on the predominantly gas
field.
Speaking on the signing of the
GMoU, Mr. Eamon Labode
Akinosho, Chief Operating Officer,
Oando Exploration and
Production said “The Global
Memorandum of Understanding
(GMoU) provides for choice of
sustainable community development
projects that rest solely with
the community. This strategic
agreement is a model arrangement
to further enhance the trust
and confidence of our host communities.”
The GMoU has been designed
to encourage participatory partnership
with stakeholders for the
promotion of peace, security and
sustainable development in the
area. It will also aid capacity
building from the various stakeholders
in the host communities.
The gas field, which was
awarded by the Federal Government
during the 2005 gas/oilfield
rounds is expected to add to the
gas reserve base of Nigeria.
Oando Exploration and Production
Limited (OEPL) has a 95 per
cent operating interest in the
Ukana South gas field, while
R.F.O Ventures Ltd has a 5 per
cent interest as well.
“The acquisition of the OPL 236
is a strategic addition to the already
existing assets portfolio to
sustain our long term plan of industrial
and domestic gas distribution.
With the gas potential
suspected in the block, it will
enhance our gas delivery to industrial
customers within the
eastern part of Nigeria” Mr.
Akinosho adds.
The OPL 236 field is 60km east
of Port Harcourt and it covers a
distance of 1652 sq. km. It is located
onshore in the South East
Zone in Nigeria precisely Akwa
Ibom State. The acquisition of
the OPL 236 is indicative of
Oando’s strategic interest in the
field to support its industrial gas
distribution networks in the eastern
part of the country.
It would be recalled that East
Horizon Gas Company, a subsidiary
of Oando Gas and Power
organised an Environmental Impact
Assessment (EIA) Open
Forum as part of its statutory requirements
for the granting of an
Oil Pipeline License (OPL) for a
gas pipeline. The 18 inches diameter
pipeline will run from the
existing NGC Valve Station in
Akwa Ibom State and will terminate
at the United Cement
(UNICEM) factory which is presently
under construction in
Mfamosing, Cross Rivers State.
All representatives of the various
groups in the host communities
were present to witness the signing
ceremony which took place
at the Le Meridien Ibom Resort,
Uyo, Akwa Ibom State.
Some of the community leaders present at the signing
Eamon L. Akinosho, COO, OEPL making a remark during the GMoU signing
Evangelist Kufureabasi Umoh (L), transition Chairman of Ukana Fun LGA exchanging pleasantries
with Samuel Onyenwe, Community Relations Manager, OEPL
9 OandoNews