NNPC Signs Pact With Partners To Resolve OML 130 Dispute - 9jaflaver



Light Dark

WELCOME TO 9JAFLAVER

PREMIUM BEATS  |  NEWS  |  BBNAIJA  |  SPORTS  |  CELEBRITY GIST  |  MIXTAPE  |  MOVIES  |  COMEDY VIDEOS  |  DEAL CHANNEL






NNPC Signs Pact With Partners To Resolve OML 130 Dispute




In its bid to meet the target of revving up production to 3million barrels per day and unlock gas revenues to the tune of about $225 million in the short term and $510 in the long run for the Federation, the Nigerian National Petroleum Corporation (NNPC) has reached an accord with its partners, China National Offshore Oil Company (CNOOC) and South Atlantic Petroleum (SAPETROL), to settle all outstanding issues surrounding the development of Oil Mining Lease, (OML) 130.

Speaking at the signing of Head of Terms (HoT) agreement with the partners Thursday at the NNPC Towers, Abuja, the Group Managing Director of NNPC, Mallam Mele Kyari, said the deal was part of the Corporation’s PSC Dispute Resolution and Renewal Strategy of 2017 aimed at securing out of court settlement of all disputes around the 1993 Production Sharing Contracts (PSC) and agreeing on terms for their renewal.

A press release by the Corporation’s Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, explains that the dispute arose from recognition of certain cost and discordant interpretation of the fiscal terms of the PSC by NNPC and the Contractor parties.

With the resolution and signing of the Head of Terms (HoT) document which sets out the terms agreed in principle between parties in the course of negotiations, apart from unlocking over $225 million of gas revenues, it will also enable settlement of renewal fees and create an environment conducive to further development of OML 130 with associated benefits to the Federation.

“We are doing this with every other partner in the PSC dispute, we believe that we can close this engagement and conversation with all of you. The HoT will clearly enable us to proceed and have a full settlement, and this will benefit all of us,” Mallam Kyari stated.

He commended CNOOC and SAPETROL for their understanding while expressing delight that the HoT will facilitate the conclusion of all renewal issues.

In his response, the Managing Director of CNOOC, Mr Xie Vincent Wensheng, said the agreement has opened a new chapter in his company’s relationship with NNPC, stressing that it has provided a win-win situation for all parties.

On his part, Managing Director of SAPETROL, Mr Toyin Adenuga, said the resolution of the dispute was a very important step towards further development of OML 130 and other new fields as the terms are now clearly spelt out.

The execution of the HoT signals the resolution of a tax dispute that arose from the $2.3bn acquisition of a 45% stake in OML 130 by CNNOC from SAPETRO in 2006.The OML 130 consists of the Akpo and Egina fields which have been producing since 2009 and 2018 respectively.

It is operated by Total Upstream Nigeria Ltd which holds 24% stake, while Petrobras Oil and Gas BV and SAPETRO hold 16% and 15% stakes respectively.

Source:- Politics Nigeria



 Whatsapp  Twitter  Facebook




CLICK HERE TO COMMENT ON THIS POST
Promote Music, Video, Comedy Skit On 9jaflaver
Call: +2348173379226 Or +2348143945195

Whatsapp: +2349027283345







SPONSORED LINKS






Comment Below:-

Enter Name Below (Optional)

         
Enter Comment Below:-


       





MUSIC OF THE WEEK



© 2014-2020 9jaflaver. All Rights Reserved.

About us||Content Remova||Privacy Policy|Contact us

Advertis|Request For Music

9jaflaver is not responsible for the content of external sites.