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According to a report from the “Energy Year” website on May 26, the Nigerian National Petroleum Corporation (NNPC) and the subsidiaries of Shell, Exxon Mobil, Total and Eni signed an agreement to change OML 118 The deep water zone permit is renewed for 20 years.
NOC quoted Malammelekyari, managing director of the NNPC Group, in a statement released on Tuesday, saying that a series of agreements signed by the two parties will open up a $10 billion investment.
The statement stated that with the signing of the new agreement, the partners ended the "long-term dispute over the interpretation of the fiscal terms of the production sharing contract.
NOC’s OML 118 partners include Shell Nigeria Exploration and Production Company (Snepco), Total E&P Nigeria, Esso Nigeria Exploration and Production Company and Nigeria Agip Exploration Company.
Five agreements were signed, including dispute settlement agreement, settlement agreement, historical gas agreement, Escrow agreement and updated PSC agreement.
Hao Fen translated from "Energy Year"
The original text is as follows:
Nigerian partners sign 20-year deepwater deal
The Nigerian National Petroleum Corporation (NNPC) has signed a deal with subsidiaries of Shell, ExxonMobil, Total and Eni to renew the OML 118 deepwater licence for 20 years.
The series of agreements signed between the partners are poised to unlock USD 10 billion of investment, NNPC group managing director Malam Mele Kyari was quoted as saying in a statement released by the NOC on Tuesday.
With the new agreements, the partners put an end to “long-standing disputes over the interpretation of the fiscal terms of the production-sharing contracts,” the statement said.
The NOC's OML 118 partners include Shell Nigeria Exploration and Production Company (Snepco), Total E&P Nigeria, Esso Exploration and Production Nigeria and Nigerian Agip Exploration.
Five agreements were signed, including the Dispute Settlement Agreement, Settlement Agreement, Historical Gas Agreement, Escrow Agreement and Renewed PSC Agreement.
