• Friday, July 12, 2024
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NNPC seals five agreements to renew OML130 contract

NNPC declares state of emergency on crude oil production

The Nigerian National Petroleum Company Limited (NNPCL) on Thursday entered into deals for the renewal of the Oil Mining Lease (OML) 13 Agreements with five energy companies.

The companies include: China National Offshore Oil Corp (CNOOC), South Atlantic Petroleum (SAPETRO), Total Upstream Nigeria Limited (TUPNI), PRIME 130 and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

According to a tweet by NNPCL, the deals involved are Production Sharing Contracts, Heads of Agreement (HoA) Amendment, Settlement Repayment Agreement, Concession Contracts for 1 PPL and 3 PMLs, and Lease & License Instruments.

According to a statement. from the corporation, the development paves the way to firm up final investment decision on the Preowei amounting to $ 2.1bn, subsequently to be followed by Egina South projects lined up by TUPNI and the OML 130 partners to introduce additional volumes to the best-in-class Egina Floating, Production, Storage and Offloading (FPSO) Vessel.

OML 130 is in the deepwater Niger Delta, 130 kilometres offshore. The block contains the producing Akpo and Egina fields and the Preowei discovery. The Akpo field was brought onstream in 2009, while the ultra-deepwater Egina field was sanctioned in 2013 and came onstream in 2018.