Gazprom, NNPC to establish JV in Nigeria

Uchenna Izundu
International Editor

LONDON, Sept. 4 -- OAO Gazprom and Nigerian National Petroleum Corp. plan to form a joint venture for exploration, production, and transportation of oil and gas in Nigeria.

A memorandum of understanding was signed in Moscow by Gazprom's Chief Executive Officer Alexey Miller and his counterpart Abubakar Yar'Adua from NNPC.

Details of the projects will be decided later.

Gazprom indicated an interest in developing Nigeria's gas domestic pipeline network (OGJ Online, Apr. 4, 2008), including the Trans-Sahara gas pipeline, and power generation projects.

Nigeria holds more than 30 billion bbl of crude and 187 tcf of gas, according to official figures.

Contact Uchenna Izundu at [email protected].