The Nigerian National Petroleum Corporation (NNPC), Dangote Group and Black Rhino Group (an affiliate of Blackstone Group) have inked a deal with Mobil Producing Nigeria (MPN, a subsidiary of ExxonMobil) for the construction of the 540 MW gas-fired Qua Iboe Power Plant (QIPP) in Akwa Ibom State (Nigeria). The QIPP project was initiated by NNPC together with MPN, which agreed to transfer the ownership of the project to the QIPP new investors.
The federal government of Nigeria has just approved the long-term power purchase agreement (PPA) between the QIPP partners and the Nigeria Bulk Electricity Trading (NBET). Works on the US$1.1bn project are expected to begin as soon as a financial closure is achieved, within the second quarter of 2018. Commissioning is scheduled for 2021.
Besides, NNPC and MPN will jointly fund and build the 58-km long power transmission line, a 53-km long offshore pipeline and platform modifications needed to supply gas to the power plant. MPN will also supply 400 mcf/d (around 11 mcm/d) of natural gas to feed the plant under the framework of a 20-year gas supply agreement signed with the project developers.
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