NNPC Renews PSC With Nigerian Agip Exploration For OML 125

In continuation of last week’s dispute resolution/lease renewal between NNPC Limited and its Production Sharing Contract (PSC) contractors, the Company has signed the last of the 1993 Dispute Settlement Agreements and renewed PSC for OML 125 with Nigerian Agip Exploration.

Group Chief Executive Officer, Mallam Mele Kyari, signed the agreements on behalf of NNPC Limited, while Mr. Chacon Oswaldo signed on behalf of NAE.

It will be recalled that Nigerian National Petroleum Company Limited last Friday signed an agreement with its partners in Oil Mining Lease, OML 138, 133, 128, 132, and 130, respectively, to settle all outstanding fiscal issues surrounding the development of the oil assets which had lingered since 2007.

The Group Chief Executive Officer of the NNPC Limited, Mele Kyari, signed the deal on behalf of the company while the Chief Executive Officers of the major oil companies signed for their respective firms.

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