The Nigerian Petroleum Development Company (NPDC) has signed a $876 million deal with Cold Water Petroleum Development Company (CPDC) for the development of the NPDC’s OML 65 asset, Igbere TV reports.

The Managing Director of NDPC, Mansur Sambo, and CDPC’s chairman, Capt. Idahosa Wells Okunbo, sealed the deal at a ceremony tagged ‘the $876 Million Financing and Technical Service Agreement (FTSA).’

The signing ceremony held on Thursday at the Grand Hyatt Hotel in Dubai, the United Arab Emirates (UAE), reports Igbere TV.

Speaking on the significance of the deal, NDPC MD, Sambo said it is expected to “open up production potentials of the OML65 from 9,000 to 40,000 bold.”

The NPDC boss said the deal has the potential to “explore, appraise and add reserves to base,” adding that it will help the Federal Government to “earn more than $6 billion in taxes and royalties.”

The event, Igbere TV reports, was witnessed by the Chief Financing Officer (CFO) of the NNPC, Alhaji Umar Isa Ajiya, and other top officials of the NDPC and CDPC.

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http://igberetvnews.com/980219/npdc-cpdc-sign-876-million-deal-photos/

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Seun

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