NNPC renews oil production agreements with partners for 10 billion barrels

The Nigerian National Petroleum Company (NNPC) Limited on Friday signed a contract extension with its international oil companies partners for five major oil blocs.

The agreement according to NNPC Limited could put to an end the protracted dispute between the state-owned company and the contractor parties in Oil Mining Leases (OMLs) 128, 130, 132 and 133, as well as 138 PSCs.

The agreements are the Production Sharing Agreement, Dispute Settlement Agreements, Settlement Repayment Agreement, and Escrow Agreement. The signing of the agreement took place at the NNPC headquarters office in Abuja.

According to the company, the signing of the new PSCs is a key milestone achievement by NNPC Ltd which would ultimately unlock opportunities within the Nigeria upstream sector.

It said the execution of the PSCs will deepen investment and development of Nigeria’s rich petroleum resources and ensure that the trifold mandate of the NNPC Limited to ensure energy availability, sustainability, and accessibility is achieved.


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