NNPC, is currently aiming at making about N194 billion after reaching a resolution with its partners SAPETRO and CNOOC over OML 130.
State oil firm, Nigerian National Petroleum Corporation , is currently aiming at making about N194 billion after reaching a resolution with its partners, China National Offshore Oil Company and South Atlantic Petroleum , to settle all outstanding issues surrounding the development of Oil Mining Lease, 130.
OML 130, in the deepwater Niger Delta adjacent to the Nigeria Sao-Tome Joint Development Zone, contains the on-stream Akpo gas-condensate field, Egina, which is under development, and the undeveloped Preowei field. Total Upstream Nigeria Ltd operates the block with 24 per cent stake, while Petrobras Oil and Gas BV and SAPETRO hold 16 per cent and 15 per cent stakes respectively.
The dispute was specifically about tax arising from the $2.3bn acquisition of a 45 per cent stake in the by CNNOC from SAPETRO in 2006. With the resolution and signing of the Head of Terms document which sets out the terms agreed in principle between parties in the course of negotiations, Kyari said apart from unlocking over $225 million of gas revenues, it will also enable settlement of renewal fees and create an environment conducive to further development of OML 130 with associated benefits to the Federation.
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