NNPC Signs Five Agreements To Renew OML 130 Contract

The Nigerian National Petroleum Company Limited (NNPCL) has entered signed agreements with five energy organisations for the renewal of the Oil Mining Lease (OML) 13 suite.

These organisations include, China National Offshore Oil Corp, South Atlantic Petroleum, Total Upstream Nigeria Limited, PRIME 130 and the Nigeria Upstream Petroleum Regulatory Commission.

The NNPCL tweeted that the suite included production sharing contracts, heads of agreement, amendment settlement repayment agreement, concession contracts for one PPL and three PMLs, and lease and license instruments.

“The development paves the way to firm up final investment decision on the preowei amounting to $2.1 billion, 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 Vessel.”

OML 130 is in the deep water Niger Delta, 130 kilometres offshore. The block contains the producing Akpo and Egina fields and the Preowei discovery.