Dispute Settlement: Federal Government of Nigeria Honours Senator Bassey Albert

..by Promise Etim.

In recognition of his selfless services and commitment to the growth of the nation, the Nigerian National Petroleum Corporation has singled out Senator Bassey Albert Akpan (OBA) for a meritorious award billed for today,Thursday 9th January, 2020 in Abuja.

It was gathered that the special role played by the lawmaker in the settlement of Escravos Gas To Liquid (EGTL) dispute that has plagued the oil and gas sector for almost a decade really impressed the Federal Government hence the award.

An invite sent to the Senator who is the Chairman Nigerian Senate Committee on Petroleum Upstream, at the 9th Senate , from the Group Managing Director of NNPC, Mele Kyari and made available to newsmen, commended Albert for playing a lead role in resolving the dispute. The release noted that the peace achieved through the efforts of OBA will contribute immensely towards the stability of the oil industry, and further boost investor confidence.

It could be recalled that in December 2019, President Muhammadu Buhari had mandated the NNPC to conclude the settlement with Chevron Nigeria Limited (CNL), which a suit of agreement was brought to the fore, signalling the final settlement of the EGTL cost dispute.

The investigation and negotiations that lead to the signing of the deal, anchored by Senator Albert, dates back to 2015 and has yielded a 60/40 Joint Venture (JV) sharing ratio, as against the 75/25 JV between Chevron and the Federal Government in the $11billion EGTL project. The deal also factors a settlement cost of over $6 Billion.

Senator Albert’s patriotism and loyalty to the country, is responsible for his steadfastness in ensuring the negotiations pull through, beginning from his days as Chairman of the Committee on Gas in the 8th Senate.

Stakeholders in the Oil and Gas Sector observe that the deal will enhance the energy security via domestication of EGTL diesel and further enable adequate utilization of gas, which in turn will earn the country Foreign Exchange of greater proportion.

The EGTL plant is a facility designed to convert rich natural gas into petroleum product, of which about 70% is approximately premium quality diesel.

Following the agreement, It is believed that the plant will form a cornerstone of the energy ecosystem of Nigeria.