The Nigerian National Petroleum Corporation (NNPC) is currently aiming at making about N194b, after reaching resolution with its partners, China National Offshore Oil Company (CNOOC) and South Atlantic Petroleum
The corporation is also targeting to improve its production capacity, especially meeting the projection of producing three million barrels of crude oil per day and unlocking gas revenues to the tune of about $225m in the short term and $510m on the long run.
OML 130 with a 24-percent interest, in partnership with NNPC, SAPETROL, CNOOC E&P Nigeria Limited, and Petrobras Oil and Gas BV. But disputes around recognition of certain cost and discordant interpretation of the fiscal terms of the 1993 Production Sharing Contracts limited the oil block. Group Managing Director of NNPC, Mele Kyari, said in a release that the deal was part of the Corporation’s PSC Dispute Resolution and Renewal Strategy of 2017, aimed at securing out of court settlement of all disputes around the 1993 Production Sharing Contracts and agreeing on terms for their renewal.
“We are doing this with every other partner in the PSC dispute. We believe we can close this engagement and conversation with all of you. The HoT will clearly enable us to proceed and have a full settlement, and this will benefit all of us,” Kyari stated.
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