Abuja - The Transnational Corporation of Nigeria Plc (Transcorp) has sealed a production sharing contract for the exploration and production of OPL 281 with the Nigerian National Petroleum Corporation (NNPC).
The agreement allows Transcorp to develop an estimated 104 million barrels of oil reserves, an additional 335 million barrels of probable reserves, and approximately 4 trillion cubic feet (tcf) of natural gas reserves, reports The Nation.
Tony Elumelu, chairman of Transcorp, said the gas reserves will be deployed directly into Nigeria’s power generation industry.
He noted that OPL 281 is rich with nearly 4 tcf of natural gas and will support the newly-expanded Ughelli power plant for up to 25 years at 2 000 MW per day.
Read more at The Nation.
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