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The Nigerian Government’s plans to increase domestic power generation capacity, currently about 3000 MW, look more realistic after Mobil Producing Nigeria Unlimited (MPN), a subsidiary of Exxon Mobil Corporation, announced the discovery of a rich gas condensate, off the shore of Akwa Ibom State.
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Mr Mark R. Ward, Chairman and Managing Director of Mobil Producing, said “We are focused on developing oil and gas reserves and supplying natural gas that will boost commercial power production in line with the [Nigerian] Federal Government’s aspiration,” adding, “this is another example of our commitment to the growth of the oil and gas industry in Nigeria.”
Ongoing reforms in the Nigerian power sector will attract increased investments from international oil companies. Some reforms like the domestic gas obligation, are aimed at persuading international oil companies to invest in independent power projects and supply of gas to those power projects.
Mobil, which is involved in the joint venture with the Nigerian National Petroleum Corporation (NNPC), said the discovery was made approximately 75 km offshore of Akwa Ibom, Southeast Nigeria.
Mobil Executive Director Gloria Essien-Danner noted that, “pending results from additional exploration planned in the area as well as development studies will determine the optimal plan for bringing this newly discovered resource into production”.
She also assured that “the Pegi discovery is part of ExxonMobil and NNPC’s programme to increase oil and gas reserves and production capacity, and to supply power and natural gas to the growing Nigerian domestic market”.