• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Tuesday, July 1, 2025
  • Login
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home OIL & ENERGY

Oil Mining Lease 118 Agreements Signed By NNPC And Multinationals

Nwanne Ikemefune by Nwanne Ikemefune
May 26, 2021
in OIL & ENERGY
0 0
0
Oil Mining Lease 118 Agreements Signed By NNPC And Multinationals

L-R: MD Nigerian Agip Exploration Limited, Mr. Roberto Daniele; MD Shell Nigeria Exploration and Production Company Limited (SNEPCo), Mr. Dayo Ojulari; GMD NNPC Mallam Mele Kyari; MD Total Exploration and Production Nigeria Limited, Mr. Mike Sangster; and MD Esso Exploration and Production Nigeria Limited, Mr. Richard Laing at the OML 118 agreements signing, Tuesday

0
SHARES
43
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The Nigerian National Petroleum Corporation (NNPC) and its Production Sharing Contract (PSC) partners – Shell Nigeria Exploration and Production Company (SNEPCo), Total Exploration and Production Nigeria Limited (TEPNG), Esso Exploration and Production Nigeria Limited (EEPNL) and Nigerian Agip Exploration (NAE) – have executed agreements to renew Oil Mining Lease (OML) 118 for another 20 years.

The five agreements signed include, Dispute Settlement Agreement, Settlement Agreement, Historical Gas Agreement, Escrow Agreement and Renewed PSC Agreement.

The group general manager, Group Public Affairs Division of the NNPC, Dr. Kennie Obateru, in a statement reiterated the Group Managing Director of the Corporation, Mallam Mele Kyari, statement that over $10bn of investment would be unlocked as a result of the agreements which put behind the long-standing disputes over the interpretation of the fiscal terms of the Production Sharing Contracts (PSC) and the emplacement of a clear and fair framework for the development of the huge deep-water assets in Nigeria.

Kyari said this is an indication of “a renewed confidence between NNPC and her partners; between the Government and the investing communities which include NNPC. It produces value for all of us by providing a clear line of sight for investment in the Bonga bloc of around $10bn.”

He disclosed that the deal would yield over $780million in immediate revenues to the Federal Government while it would also free the parties from over $9bn in contingent liabilities.

“Ultimately, these agreements will engender growth in our country where investment will come in for other assets, not just in the deep-water, but even for new investors. It is an opportunity for them to see that this country is ready for business,” the GMD remarked.
He thanked President Muhammadu Buhari, the Minister of State for Petroleum Resources, Chief Timpre Sylva, and the NNPC board of directors for enabling the Corporation to achieve this.

Also speaking at the event, the Country Chair of Shell Companies in Nigeria, Mr. Osagie Osunbor, said the OML 118 renewal agreement would remain a watershed in the history of deep-water investments in Nigeria, assuring that the giant stride would further bolster investor confidence in the country.
Speaking in a similar vein, the managing director of SNEPCo, Mr. Bayo Ojulari, noted that the agreements marked the end of a twelve-year dispute that had marred business relationship and affected trust and investment.

“Today, we have signed agreements that define the future of deep-water for Nigeria. This is the first deep-water block that was developed in Nigeria and it is also the first one that we are resolving all the disputes that will lay the foundation for the resolution of other PSCs,” the SNEPCo helmsman stated.

On their parts, the managing directors of Total, Mike Sangster, Exxonmobil, Richard Laing and NAOC, Roberto Danielle, all applauded the GMD NNPC, Mallam Kyari, for providing leadership which engendered the resolution of the disputes, assuring that the agreements would attract more investments into the Nigerian Oil and Gas Industry.

Previous Post

Employers Get PenCom Notice To Comply With Group Life Insurance Or Face Prosecution

Next Post

Defined Benefit Pensioners Get Enhanced Adjustment

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit
OIL & ENERGY

Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

June 26, 2025
Shell Commends Oloibiri Lecture Series As Platform  For Change
OIL & ENERGY

Shell Commends Oloibiri Lecture Series As Platform  For Change

April 15, 2025
Tinubu Sacks Kyari And Board Appoints New Chairman, CEO  
OIL & ENERGY

Tinubu Sacks Kyari And Board Appoints New Chairman, CEO  

April 2, 2025
Next Post
PTAD Douses 16,210 Pensioners With N6.2bn

Defined Benefit Pensioners Get Enhanced Adjustment

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 27, 2024
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

May 4, 2024
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Preferred PenCom Logo

PenCom Board Back-To-Work Pass, Gets Tick Over

May 4, 2025
Anchor MD Loses Father

Anchor MD Loses Father

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

July 1, 2025
Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

July 1, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Nigeria’s Future Gets Insurers Paramount Appeal, Flaunt Bourgeoning Effectiveness And Reliability

June 30, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

July 1, 2025
Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

June 30, 2025
Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

June 26, 2025
Investment: Insurance Ace Leads, Downgrades Volatility Where Other Financial Systems Grapple, Holds Over $40tr Assets

Investment: Insurance Ace Leads, Downgrades Volatility Where Other Financial Systems Grapple, Holds Over $40tr Assets

June 25, 2025
The Gambia Central Bank Studies NAICOM Regulation For Insurance Regulatory Upgrade

The Gambia Central Bank Studies NAICOM Regulation For Insurance Regulatory Upgrade

June 23, 2025
SanlamAllianz Flags Off 12-City Roadshow to Deepen Customer Engagement And Awareness

SanlamAllianz Flags Off 12-City Roadshow to Deepen Customer Engagement And Awareness

June 23, 2025
Tech Innovator, Per Lagerström Takes Centre Stage as Headline Speaker For IMT 4.0

Tech Innovator, Per Lagerström Takes Centre Stage as Headline Speaker For IMT 4.0

June 23, 2025
ADVERTISEMENT

Recent News

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

July 1, 2025
Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

July 1, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Nigeria’s Future Gets Insurers Paramount Appeal, Flaunt Bourgeoning Effectiveness And Reliability

June 30, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

July 1, 2025
Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

June 30, 2025
Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

June 26, 2025
Investment: Insurance Ace Leads, Downgrades Volatility Where Other Financial Systems Grapple, Holds Over $40tr Assets

Investment: Insurance Ace Leads, Downgrades Volatility Where Other Financial Systems Grapple, Holds Over $40tr Assets

June 25, 2025
The Gambia Central Bank Studies NAICOM Regulation For Insurance Regulatory Upgrade

The Gambia Central Bank Studies NAICOM Regulation For Insurance Regulatory Upgrade

June 23, 2025
SanlamAllianz Flags Off 12-City Roadshow to Deepen Customer Engagement And Awareness

SanlamAllianz Flags Off 12-City Roadshow to Deepen Customer Engagement And Awareness

June 23, 2025
Tech Innovator, Per Lagerström Takes Centre Stage as Headline Speaker For IMT 4.0

Tech Innovator, Per Lagerström Takes Centre Stage as Headline Speaker For IMT 4.0

June 23, 2025
Preferred PenCom Logo

Pension System Undulating Highs And Lows Creates Open Challenges

June 23, 2025
Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

June 28, 2025
Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

June 19, 2025
CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

June 18, 2025
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel
  • Uncategorized

Recent News

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

July 1, 2025
Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

July 1, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In