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HomeBusinessNCDMB receives $1 mln return on investment from Nedogas Development Company

NCDMB receives $1 mln return on investment from Nedogas Development Company

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By Temi Olowu

The Nigerian Content Development and Monitoring Board (NCDMB) celebrated a significant milestone as Nedogas Development Company Limited (NDCL) presented a cheque of $1 million in returns on investment.

The Chairman of NDCL, Emeka Ene, presented the cheque during a visit to the Nigerian Content Tower in Yenagoa, Bayelsa State.

The Executive Secretary, Felix Omatsola Ogbe, along with other members of the Board’s management, warmly received him.

Nedogas Development Company Limited, a joint venture between Xenergi Limited and NCDMB Capacity Development Intervention Company, has marked its success with the construction and commissioning of a 300 MMscfd Capacity Kwale Gas Gathering (KGG) and injection facility in Umusam Community, near Kwale, Delta State, Niger Delta, Nigeria.

The KGG Facility, designed to harness stranded gas resources in Nigeria’s OML56 oil province, allows independent operators to monetize natural gas from their fields efficiently.

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Funded from the Nigerian Content Development Fund (NCDF), Nedogas exemplifies NCDMB’s commitment to capacity building and catalyzing local projects in the Nigerian oil and gas sector, aligning with the Nigeran Oil and Gas Industry Content Development (NOGICD) Act.

Ogbe emphasized the potential for replicating Nedogas’ success story in other oil- and gas-producing communities to mitigate gas flaring, affirming NCDMB’s readiness for continued collaboration with the company.

Emeka Ene, Chairman of Nedogas, expressed gratitude for NCDMB’s investment, highlighting the company’s commitment to further collaboration and expansion.

The Nedogas project not only eliminates flared gas but also converts environmental pollutants into valuable products, establishing a strategic gas gathering hub and injection node for rapid market access.

This initiative contributes to economic sustainability, enhances Nigeria’s Gross Domestic Product (GDP), and aligns with the Federal Government’s Decade of Gas program.

NCDMB’s partnership with Nedogas underscores its strategic investments aimed at realizing the Federal Government’s objectives in the oil and gas industry, reflecting a tangible impact on the economy and infrastructure development.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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