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Interrogating the NNPC/Addax face-off over oil mining leases [opinion]
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By Meifor Igwe
IN contemporary Nigerian business context, oil mining leases are like the gold fish that cannot be hidden. And that is why oil mining leases 123, 124, 126 and 137 made headline news 23 years ago and they are back in the media space creating waves once again. They hold huge potential for Nigeria and everyone and can, therefore, not remain idle!
It is a fact that in 1998, the Nigerian National Petroleum Corporation, NNPC, entered into a 20-year Production Sharing Contract, PSC, in respect of certain oil mining leases (OMLs) with Addax Petroleum, a company listed on the Toronto Stock Exchange, TSX. The PSC was subsequently extended for a further four years, until 2022. The assets were OMLs 123, 124, 126 and 137.
The Minister of State for Petroleum Resources, Chief Timpre Sylva, has tasked the Nigerian Liquefied Natural Gas Limited (NLNG) to play a pivotal role in the domestic gas expansion project. Sylva, made this known during the inauguration of the NLNG Corporate headquarters in Port Harcourt, Rivers State, a weekly review of activities by the Nigerian […]
The Nigerian National Petroleum Corporation (NNPC) has signed a deal with some of the world’s biggest oil companies that could unlock over $10 billion investment in an offshore oilfield.
The corporation and its Production Sharing Contract (PSC) partners namely Shell Nigeria Exploration and Production Company (SNEPCo), Total Exploration and Production Nigeria Limited (TEPNG), Esso Exploration. and Production Nigeria Limited (EEPNL), and Nigerian Agip Exploration (NAE) have executed agreements to renew Oil Mining Lease (OML) 118 for another 20 years.
This disclosure is contained in a statement that was issued by NNPC and signed by its Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, in Abuja on Tuesday.