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Africa-focused independent Gasol will develop a plan for the development of Nigerian offshore licence area OML 114 after signing a project option agreement with indigenous exploration company Moni Pulo

If Moni Pulo accepts the plan, which can include exploration, development and offtake, the companies will work together to wrap up gas purchase agreements for the development and sale of all OML 114 gas to Gasol.

Situated on the coast of south east Nigeria at the mouth of the Calabar River, OML 114 had gas reserves of about 750 bn cubic feet, Gasol said in an announcement, with hte project having been drilled and surveyed since the 1990s.

An initial pre-feasibility report commissioned by the company showed the licence area could support liquefied natural gas production of over 800,000 tonnes per year for ten years, it said.