An American public trade company with oil/gas assets in West Africa has signed a letter of intent to partner with Imo state government in developing its natural gas and petroleum resources.
The letter of intent was signed at a ceremony in Owerri by the President of the American firm, Environmental Remedition Holding Company (ERHC), Mr. Peter Ntephe; the Vice President, Mr.Sylvan Odobulu and Imo state commissioner for Petroleum and Environment, Chief Steve Ahaneku and the permanent secretary, Mrs Nkechi Onumajulu.
According to the letter, the foreign firm and the state government reached a Memorandum of Understanding for synergy in the development of gas and petroleum production so as to localise its production by ensuring job availability in the state.
By the letter of intent, Imo state would liaise with the Federal Ministry of Petroleum to get the legal permission and logistics to enable both parties operate.
Ntephe assured the state government that his company would apply international experience for best production of gas in Imo State, saying: “ERHC Energy is a Houston-based independent oil and gas company focused on growth through high impact exploration in Africa including the high prospective Gulf of Guinea.
“ERHC is committed to ensuring and delivering significant value for its shareholders, investors and employees and for sustainable and profitable growth through risk balance smart exploration, cost efficient development and high margin production. However, Environmental Remedition Holding Company (ERHC) Energy holds a working interest in six blocks in the Nigeria-Sao Tome &Principe joint development zone [JDZ]”.
He added that ERHC Energy held 100per cent of blocks, four out of 11 of the Sao-Tome & Principe exclusive economic zone (EEZ) with the option of 15% working interest in two other blocks, noting that they have signed a production sharing contract[PSC]in 3 oil blocks in the Republic of Chad.
The focus, he observed, was to develop oil and gas exploration in African nations, and that the company had similar partnership with countries like the Emirate of Saudi Arabia, Angola, Ghana, Mali and Gabon with 60per cent shareholders in America, Europe and Nigeria.