By Edith Ike-Eboh Abuja, May 25, 2021 The Nigerian National Petroleum Corporation (NNPC) and its Production Sharing Contract (PSC) partners have executed agreements to renew Oil Mining Lease (OML) 118 for another 20 years. The partners are Shell Nigeria Exploration and Production Company (SNEPCo), Total Exploration and
Okechukwu Nnodim Published 26 May 2021The Nigerian National Petroleum Corporation and its Production Sharing Contract partners have executed five agreements to renew Oil Mining Lease 118 for another 20 years.NNPC outlined the partners as Shell Nigeria Exploration and Production Company, Total Exploration and Production Nigeria Limited, Esso Exploration and Production Nigeria Limited and Nigerian Agip Exploration.The five agreements signed were.
NNPC, Shell, Others Seal Deal to Unlock $10bn Investments thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
…Deal To Yield Over $780million In Immediate Revenues To Government (AFRICAN EXAMINER) – The Nigerian National Petroleum Corporation (NNPC) and its Production Sharing Contract (PSC) partners – 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 […]
The parties include: Shell Nigeria, Exxon Mobil, Total Nigeria, among others.
By these Agreements, the NNPC group and the contractors have settled the long-standing disputes that have bedevilled the Production Sharing Contract (PSC) administration and entered into a new PSC with clearly aligned terms.
This renewed relationship will create the stability required for investments in the deep-water terrain.
“This marks a watershed in the administration of Deepwater operations in Nigeria. Over $10 billion of investment will be unlocked as a result of this development”, NNPC said.
The agreement will unlock about 2 billion barrels of oil for Nigeria under the Oil Mining Lease 118.