LAGOS, May 25 - Nigeria's state-owned oil company NNPC Ltd said on Thursday it had renewed a production sharing contract with Total, China National Offshore Oil Corp and others, a major step to resolving disputes on a deepwater oil block in the Niger Delta. Oil Mining Lease 130 is located offshore Niger Delta at water |
Emmanuel Addeh in Abuja and Peter Uzoho
The Nigerian National Petroleum Corporation (NNPC) yesterday stated that, along with its partners, the national oil company was set to earn over $760m from various fresh agreements on gas supply.
The deals on the Oil Mining Lease (OML) 130 included a Production Sharing Agreement (PSA), Production Sharing Contract (PSC), Gas Supply Purchase Agreements (GSPAs) and Gas Entitlement Agreement (GEA).
The agreements which are part of the corporation’s gas commercialisation programme involve Total Exploration and Production Nigeria (TEPNG), China National Offshore Oil Corporation (CNOOC), South Atlantic Petroleum Nigeria Limited (SAPETRO) and Prime 130 Limited.
The sale structure under which the agreements were executed is designed to provide a clear delineation for the allocation of the gas sale proceeds to all the participating parties, including midstream handling and transportation.
NNPC, partners sign gas agreements, target $760m revenue The Punch
Published 3 July 2021
The Nigerian National Petroleum Corporation and its partners in the Oil Mining Lease 130 Production Sharing Agreement and Production Sharing Contract are projecting to earn over $760m from the Gas Supply Purchase Agreement and Gas Entitlement Agreement executed by the parties in Abuja.
NNPC said on Friday that the agreements were part of the corporation’s gas commercialisation programme and involved Total Exploration and Production Nigeria, China National Offshore Oil Corporation, South Atlantic Petroleum Nigeria Limited and Prime 130 Limited.
It said in a statement issued in Abuja that the sale structure under which the agreements were executed was designed to provide a clear delineation for the allocation of the gas sale proceeds to all the participating parties, including midstream handling and transportation.