Officials from the Nigerian National Petroleum Corporation (NNPC) have completed a successful visit to Moscow and signed a memorandum of understanding with Russia's Gazprom.

Under the new initiative, the Russian gas giant will work alongside the state-owned NNPC in a number of exploration, production and transportation projects within the African country's oil and gas industry.

In addition, the two parties will work together to process natural gases and hydrocarbons and construct a number of new power plants in an effort to boost Nigeria's energy sector.

On the back of the Moscow meeting, NNPC general manager of public affairs, Dr Livi Ajuonuma, stated that the new deal will help his country fulfil its gas potential.

"It is an agreement in principle, and a welcome development that Gazprom has agreed to come and invest in Nigeria," he told This Day newspaper.

Recent estimates place Nigeria's gas reserves at around 187 trillion cubic feet, compared to the 1,700 trillion cubic feet in Russia.

5th Global Education & Training event for Oil and Gas: Exploration & Production