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Similarly, Management of NNPC under my humble leadership also ensured the revocation of the sale of Nigerian Petroleum Development Company (NPDC) producing block OML 65 to a foreign Company also at a give-away price. As GMD, NNPC, I also reactivated FPSO MYSTRAS, that is NPDC offshore production facility, to full operation after it was idle for two years due to militant attacks.
I will not hesitate to also list the rehabilitation and re-commissioning of the Escravos – Warri crude oil pipeline and the re-streaming of both WRPC and KRPC after almost two years of shutdown as parts of my major achievements upon assumption of office as GMD, NNPC.
You know one of the challenges of the industry is getting funding for many of our projects. I like to say that as GMD NNPC, I successfully negotiated with IOCs on Modified Carry Arrangements which promise to ease funding problems we usually encounter in the management of our JV operations through Cash Call Arrangement.
On gas development, I believe I have recorded some achievements. For instance, under my leadership as GMD, NNPC we have been able to review the Gas Sales Agreement (GSA) with NLNG such that as of today, the upstream Gas Price to the plant has now more than doubled and the upstream suppliers are getting full value of the liquids in the gas sold to NLNG. Nigeria/NNPC being a 58% owner of the upstream gas compared to its 49% equity in the NLNG is surely better off with a higher upstream gas price.
I also want to remind you of my humble contribution to the development and launching of the Nigerian Gas Master Plan and Associated projects including the Gas Policy. I will shed more lights on this as we go on in the interview.
