The Nigerian National Petroleum Company Ltd, NNPCL, has entered into an agreement to renew the OML 130 Production Sharing Contract and convert the area to a Petroleum Mining Lease (PML) in accordance with the stipulations of the Petroleum Industry Act (PIA) 2021.
Five agreements were signed on Thursday at the NNPC Towers, presided over by the Permanent Secretary Ministry of Petroleum Resources, Ambassador Gabriel Tanimu Aduda.
Others in attendance at the signing ceremony were the NNPC Ltd Group Chief Executive Officer (GCEO), Mallam Mele Kyari, the Chief Upstream Investment Officer (CUIO), Mr Bala Wunti, Chief Strategy & Sustainability Officer, Oritsemeyiwa A. Eyesan, NUPRC Chief Executive, Engineer Gbenga Komolafe, Managing Directors of TotalEnergies in Nigeria and CNOOC, Mr Mike Sangstar and Mr Li Chunsheng, as well as the Executive Vice Chairman SAPETRO, Senator Daisy Danjuma, and the Chief Executive Officer (CEO) PRIME 130, Mr Aldo Perracini.
The agreements are Production Sharing Contract (PSC) between NNPC Ltd and its Contractors, China National Offshore Oil Corporation (CNOOC) & South Atlantic Petroleum (SAPETRO) with Total Upstream Nigeria (TUPNI) as the operator; a Heads of Agreement (HoA) Amendment between NNPC Ltd, TUPNI, SAPETRO, PRIME 130, & CNOOC; a Settlement Repayment Agreement (SRA) Addendum between NNPC and its Contractors (CNOOC & SAPETRO); Concession Contracts for one Petroleum Prospecting Licence (PPL) and three (3) Petroleum Mining Leases (PML) and Lease & License Instruments between NNPC, TUPNI, SAPETRO, PRIME 130 and Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
This significant accomplishment paves the way for the Preowei’s $ 2.1 billion Final Investment Decision (FID), which will be followed by Egina South projects planned by TUPNI and the OML 130 partners to add more volumes to the best-in-class Egina Floating, Production, Storage and Offloading (FPSO) Vessel.
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