An indigenous oil and gas firm, Green Energy International Limited (GEIL), has endorsed a fresh Memorandum of Understanding (MoU) with Ikuru Town Community, which hosts its operations in Rivers state.
The deal forms part of the N3 billion initiative which began since it started operation in 2015, that specifically aims at implementing projects and economic empowerment of the indigenes through educational and health interventions, employment of youths, human capital development, patronage of indigenous contractors among others.
The firm which is the operator of the Otakikpo marginal field, expressed optimism about a better deal with the host community just as it reiterated its commitment to the development of the community having successfully negotiated and signed the new MoU with them.
The MOU signing ceremony was witnessed and endorsed by representatives of Rivers State government, from the ministry of chieftaincy affairs and community development.
The MoU encompasses the establishment and funding of development projects through the Ikuru Town Community Development Trust Fund (ICTF) which will midwife projects and programmes to empower the community, reduce youth restiveness and promote inclusion of women and vulnerable groups.
Chief executive of the company, Professor Anthony Adegbulugbe, said the renewal of the MoU agreement underscores the commitment of the company to build on its earlier successful implementation of projects and economic empowerment of the indigenes , through educational and health interventions, employment of youths, human capital development, patronage of indigenous contractors running in excess of N3 billion among other initiatives since it started operation in 2015.
He reiterated that “the MoU is a significant milestone for GEIL and Ikuru Town community. It secures the necessary funding that is available to expand its social investment programmes to provide infrastructure, reduce unemployment, build capacity for women, access to community contractors and contracting, technical training and unlock further value at Otakikpo. We are pleased to be working with the Ikuru Town Community and other stakeholders”.
He said that the gas-to-power project for which the company has 6 Megawatts capacity generators on site would be pursued vigorously, adding that Covid 19 pandemic coupled with the downturn in the oil and gas business in the last 24 months had slowed down the implementation of projects.
“The newly signed 5-year MoU covers a comprehensive operational structure that identifies key stakeholders who will act as sustainability drivers that would support the Ikuru Town community to plan and undertake implementation of projects based on their development priorities and agenda; an approach that is yielding noticeable improvement in our social performance interface.”