…Seeks $15bn to build power plants
Chuks Isiwu 20 March 2017, Sweetcrude, Lagos – The Nigerian National Petroleum Corporation has announced plans to go into power generation, saying its effort would go to boost power supply to the national grid.
NNPC said it will spend about $15 billion to build gas-based independent power plants, which will, over the next 10 years, generate 4,000 megawatts of power.
Chief Operating Officer, Gas and Power, Mr Saidu Mohammed, disclosed the plan, according to a statement on Monday by Group General Manager, Public Affairs, Mr. Ndu Ughamadu.
The statement quoted Mohammed as saying: “Power generation is a big business. As at today, NNPC has interests in two power plants, one in Okpai, Delta State and the other in Afam, Rivers State.
“Both were built by joint ventures with Nigerian Agip Oil Company and Shell Petroleum Development Company.
“These two power plants collectively generate up to 1,000 megawatts and they are the most reliable and cheapest source of power to the national grid in Nigeria today.”
As part of plans to attain the targeted 4,000 megawatts, Mohammed said NNPC, working with joint venture companies, international power companies and Nigerian investors, will construct Okpai phase 2 as well as Obite and Agura power plants.
He said the Nigerian Liquefied Natural Gas, NLNG, business model would be adopted in the building and operations of the power plants.