To expeditiously grow the Federal Government’s revenue and in turn
boost the nation’s reserve base,the Nigerian National Petroleum
Corporation (NNPC), Nigeria Agip Oil Company (NAOC) and Oando, have
executed a novation agreement for Oil Mining Leases (OMLs) 60,61, 62 and 63.
The Group Managing Director of the NNPC, Mallam Mele Kyari, speaking on the significance of the inovation agreement at the NNPC Towers,Wednesday in Abuja, said the agreement marked a significant milestone, with the promise to bring about an amicable end to
all litigations, and arbitrations that have over the years inhibited the growth of those assets.
A release by NNPC Agt. Group General Manager, Group Public Affairs Division Mr. Samson Makoji, said Mallam Kyari explained that the agreement signified the transfer of NNPC interest in those assets
to the Nigerian Petroleum Development Company (NPDC) which would open up the company to contributing to cash calls and further progress the growth of the partnership. “The Federation divested its interest
in the NNPC, NAOC joint ventures and that means we have transferred
those interest to the Nigerian Petroleum Development Company
(NPDC) in order to grow NPDC, to become a medium size Upstream
company that the federation and the NNPC would be proud of,” Mallam
Kyari informed. He added that the novation agreement offered NNPC partners the comfort that the NPDC would deliver on its responsibilities,
stressing that the agreement would open a new chapter of business for
NPDC and the entire partnership and create a new frontier for
revenues for the companies as well as the nation at large. Mallam Kyari said the agreement would create more activities in the Upstream, in addition to the concomitant employment opportunities therefrom for the
people, saying the partnership held a lot of promise forall. “The Federation divested its interest in the NNPC, NAOC joint ventures and that means we have transferred those interest to the Nigerian Petroleum Development Company (NPDC) in order to grow NPDC, to become a medium size Upstream company that the federation and the NNPC would be proud of.”He said: “This is the beginning of greater things to come in the Oil and Gas Industry. We are ready to make sure that NPDC delivers on her mandate of exploration as this is a milestone in our quest to grow reserves”.
“ENI through its Affiliate NAOC, is on record as the first company to produce from the deep offshore in Nigeria”.