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NNPC To Inaugurate Largest LPG Storage Facility In Edo - Business - Nairaland

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NNPC To Inaugurate Largest LPG Storage Facility In Edo by BrandSpurNG: 12:02pm On May 20, 2019
The Nigerian National Petroleum Corporation (NNPC) has said it will unveil the largest Liquefied Petroleum Gas (LPG) also known as cooking gas and propane storage and dispensing facility in Oredo, Benin City, Edo State capital.

The corporation disclosed this yesterday in a statement by its spokesman, Mr Ndu Ughamadu, in Abuja.

He said the corporation with its subsidiary, the Nigerian National Petroleum Corporation (NPDC), would unveil the facility as part of its efforts to fast-track the consumption of LPG in the country.

“The facility, which is an extension of the Integrated Gas Handling Facility (IGHF) plant, has the capacity to dispense 330 tonnes of LPG and 300 tonnes of Propane daily, in addition to the 100 million standard cubic feet of gas per day (MMscfg/d) and 260 barrels per day condensate from the IGHF plant,’’ he said

Ughamadu noted that the Managing Director of NPDC, Mr Yusuf Matashi, said the IGHF would be a game changer for the national oil company, as both facilities (IGHF & LPG bay) when commissioned, would be a huge revenue stream for the federal government.

“Before the end of 2019, NPDC would be producing 40 per cent of the nation’s LPG requirements,’’  he quoted Matashi, as saying.

Ughamadu noted that the NPDC boss said that the facility was centrally positioned to supply LPG to Lagos, South-south; South-east and to the North in order to grow its consumption across the country.

“Currently NPDC is the single largest supplier of gas to the domestic market with about 90 per cent of gas supply targeted at power generation to drive the nation’s economy positively.

“We are paying greater focus on our 100 per cent assets production. NPDC assets will deliver a lot in terms of meeting its (crude oil and gas) volume targets.

“We currently contribute 10 per cent to daily national production and by end of 2019, the company is looking at 15 per cent contribution to daily national production,” Matashi also said, in the statement.

He further said that production outlook for 2019/2020, was on the bright side, adding that the company was aggressively pursuing its drilling and field development programmes as approved by the management of NNPC.

He said that the company had oil reserves base of 3.6 billion barrels and gas reserve of 15 trillion cubic feet from its involvement in 29 concessions – 22 Oil Mining Leases (OMLs) and seven Oil Prospecting Licenses (OPLs).

According to him, the flagship upstream subsidiary of NNPC will continue to be a leading exploration and production company of choice going forward.

Matashi noted that NPDC maintained cordial relations with regulatory agencies, such as the Department of Petroleum Resources (DPR) and had maintained its remittance of royalties and Petroleum Profit Tax to the Federal Inland Revenue Service (FIRS).

He added that the company and its various host communities were living in peace due to the company’s commitment to sustainable community development policy.

SOURCE: https://brandspurng.com/2019/05/20/nnpc-to-inaugurate-largest-lpg-storage-facility-in-edo/

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