…as Corporation, Nigeria Agip Exploration Firm Up ABO OMLs Head of Terms Agreement

To expeditiously grow the Federal Government’s revenue and in turn boost the nation’s reserve base, the Nigerian National Petroleum Corporation (NNPC), Nigeria Agip Oil Company (NAOC) and Oando, have executed a novation agreement for Oil Mining Leases (OMLs) 60,61, 62 and 63.

The Group Managing Director of the NNPC, Mallam Mele Kyari, speaking on the significance of the novation agreement at the NNPC Towers, Wednesday in Abuja, said the agreement marked a significant milestone, with the promise to bring about an amicable end to all litigations, and arbitrations that have over the years inhibited the growth of those assets.

A release by NNPC Agt. Group General Manager, Group Public Affairs Division, Mr. Samson Makoji, said Mallam Kyari explained that the agreement signified the transfer of NNPC interest in those assets to the Nigerian Petroleum Development Company (NPDC) which would open up the company to contributing to cash calls and further progress the growth of the partnership.

“The Federation divested its interest in the NNPC, NAOC joint ventures and that means we have transferred those interest to the Nigerian Petroleum Development Company (NPDC) in order to grow NPDC, to become a medium size Upstream company that the federation and the NNPC would be proud of,” Mallam Kyari informed.

He added that the novation agreement offered NNPC partners the comfort that the NPDC would deliver on its responsibilities, stressing that the agreement would open a new chapter of business for NPDC and the entire partnership and create a new frontier for revenues for the companies as well as the nation at large.

Mallam Kyari said the agreement would create more activities in the Upstream, in addition to the concomitant employment opportunities therefrom for the people, saying the partnership held a lot of promise for all.
He said: “This is the beginning of greater things to come in the Oil and Gas Industry. We are ready to make sure that NPDC delivers on her mandate of exploration as this is a milestone in our quest to grow reserves”.

Similarly, the NNPC and the Nigeria Agip Exploration Limited (NAE) signed the Abo OML 125 Head of Terms Agreement which marks a significant advancement towards resolving issues which have lingered in most deep offshore Production Sharing Contracts.

With the development, the parties can now look forward to the renewal of OML 125 and further investment in exploring and developing Abo field resources.
In his response, the Managing Director of NAOC, Lorenzo Fiorillo, said they were glad to partner with the NNPC in its drive to increase crude oil production in Nigeria.

“ENI through its Affiliate NAOC, is on record as the first company to produce from the deep offshore in Nigeria”.

Samson Makoji
Acting Group General Manager
Group Public Affairs Division,
NNPC, Abuja.

25th September, 2019.

http://igberetvnews.com/1023236/nnpc-oando-execute-agreement-four-omls-increase-reserves-photos/

Lalasticlala, Mynd44, OAM4J

Lalasticlala

Congratulations... but watin I go gain, nothing still .. inside life

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We are still talking of oil when electric cars will soon be like Android devices in 2024

SMH!

What a backward country, oil still dominating our mainstream media in this era of digitization

After 59 fvccking years, yet nothing to show

Keep signing what you dont know. years down the line now una go dey point fingers at some oyinbo wey wan swindle una. better read that document well before you sign

In the next 15 years, this oil will be valueless.

God bless Nigeria! I wonder why Niger Delta oil is controlled by the northerners

Temptee101:
What a backward country, oil still dominating our mainstream media in this era of digitization

After 59 fvccking years, yet nothing to show

We have a lot of issues in Nigeria and with the Nigerian press...
But frankly there's nothing wrong with the press reporting on a major business deal.
>

Northerners controlling oil from the south. Inside life

Get your children educational android tablets @ N20,000 with free delivery nationwide. Go through my threads for pictures and please check my signature for contact

The flat head children of hate will develop migraine over this matter today because it involves Tinubu.

Nwaohafia1:
In the next 15 years, this oil will be valueless.

Even the country with the highest number of electric cars are not giving up of on oil talkless of naija which can boost of 24 house supply of electricity.

The value of oil might drop in the next century but it can never be replaced with electric cars & solars.

Industries need oil to function, unless you plan to be a consumer nation forever


Save this comment & show it to ur grandkids.the only cars that will be popular are hybrid cars

Get your children educational android tablets @ N20,000 with free delivery nationwide. Go through my threads for pictures and please check my signature for contact.

Rafiq2:


Even the country with the highest number of electric cars are not giving up of on oil talkless of naija which can boost of 24 house supply of electricity.

The value of oil might drop in the next century but it can never be replaced with electric cars & solars.

Industries need oil to function, unless you plan to be a consumer nation forever


Save this comment & show it to ur grandkids.the only cars that will be popular are hybrid cars

You are correct. It will be valueless doesn't mean it won't exist again. But Nigeria need to diverse into other sectors now.

Exactly...... Why would someone think oil will go valueless in few years when we will have reserves untapped and even the gas reserve untapped. Yes there will be some shift as it has been but oil will still continue having value in the next century.

Rafiq2:


Even the country with the highest number of electric cars are not giving up of on oil talkless of naija which can boost of 24 house supply of electricity.

The value of oil might drop in the next century but it can never be replaced with electric cars & solars.

Industries need oil to function, unless you plan to be a consumer nation forever


Save this comment & show it to ur grandkids.the only cars that will be popular are hybrid cars

This is promising for NPDC...
more involvement in upstream activities..