The Nigerian National Petroleum Corp. (NNPC) and ExxonMobil have reportedly signed an agreement on plans to construct another natural gas-to-liquids (GTL) plant in Nigeria.

Media agency Petroleum Africa reports that the project is expected to use the newest technology and significantly reduce the nation’s petrol import bill, according to Nigeria’s Minister of State for Energy (Petroleum) Odein Ajumogobia.

“It is also in line with the government’s aspiration to monetize the nation’s natural resources put at over 180 Tcf,” he added.

NNPC Group Managing Director Abubaker Yar’Adua added, “Building of refineries will improve the nation’s revenue base as well as ensure security of domestic supply and distribution of products. The plant will be located in the Niger Delta’s Akwa Ibom state.”

Sources in Nigeria apparently also say it is also possible that an entire energy complex will be constructed, in addition to the GTL plant.

While the GTL plant is expected to boost Nigeria’s economy in the mid- to long-term, the country’s oil and gas sector is currently under review with the Oil and Gas Implementation Committee (OGIC) bill that seeks to break up the NNPC into five firms and restructure the entire sector.