Business

NNPC OML 118 deal to yield $780m in Govt revenue

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 executed agreements to renew Oil Mining Lease (OML) 118 for another 20 years.

The five agreements signed include, Dispute Settlement Agreement, Settlement Agreement, Historical Gas Agreement, Escrow Agreement and Renewed PSC Agreement. A statement by the Group General Manager, Group Public Affairs Di- vision of the NNPC, Dr. Kennie Obateru, quoted the Group Managing Director of the Corporation, Mallam Mele Kyari, as saying that over $10bn of investment would be unlocked as a result of the agreements which signaled the end of the longstanding disputes over the interpretation of the fiscal terms of the Production Sharing Contracts (PSC) and the emplacement of a clear and fair framework for the development of the huge deep-water assets in Nigeria. According to him, this is an indication of “a renewed confidence between NNPC and her partners; between the Government and the investing communities which include NNPC.

It produces value for all of us by providing a clear line of sight for investment in the Bonga bloc of around $10billion,” Mallam Kyari stated. He disclosed that the deal would yield over $780million in immediate revenues to the Federal Government while it would also free the parties from over $9billion in contingent liabilities. “Ultimately, these agreements will engender growth in our country where investment will come in for other assets, not just in the deep-water, but even for new investors. It is an opportunity for them to see that this country is ready for business,” the GMD enthused. He thanked President Muhammadu Buhari, the Minister of State for Petroleum Resources, Chief Timpre Sylva, and the NNPC Board of Directors for enabling the Corporation to achieve this laudable landmark.

 

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