​The Nigerian National Petroleum Corporation (NNPC) and Sterling Exploration and Energy Production Company (SEEPCO) have signed an agreement for the development and commercialization of gas from the Oil Mining Lease (OML) 143, according to a press release

The deal is expected to help reduce gas flaring in the country and subsequently promote gas production and utilization in the domestic market.

Tony Chukwueke, Chairman of SEEPCO, described the deal as “an essential partnership that would help the company fulfill the pledge it made to support the efforts of the Nigerian government to eliminate gas flaring by monetizing it.”

The NNPC’s ultimate aim is to boost the production of Liquefied Petroleum Gas (LPG), condensate, and dry gas for the Nigerian market, with the company investing about $600 million for that purpose.