NNPC signs pact with China’s CNOOC, South Atlantic Petroleum on OML 130 dispute
The Nigeria National Petroleum Corporation (NNPC) said it has signed a preliminary agreement with China’s CNOOC Ltd and South Atlantic Petroleum to resolve a dispute over Oil Mining Lease (OML) 130.
NNPC said on its official Twitter account that it signed a Heads of Terms (a non-binding broad outline of a deal) with the Chinese and Nigerian firms that seeks to address disagreements over the mining lease’s production sharing contract.
“Today, @NNPCgroup signed a Head of Terms (HoT)with its partners CNOOC & SAPETRO, signifying a major milestone towards the resolution of all disputes related to Oil Mining Lease (OML)130 Production Sharing Contract.OML 130 consists of producing fields such as Akpo & Egina,” the state-run energy firm wrote on its Twiter handle.
It did not provide details of the dispute nor the new proposed terms.
Oil Mining Lease 130 contains fields including Akpo and Egina.