BREAKING: #NNPC Seals Pact With Oil Majors To Unlock Over $500bn Revenue For Nigeria [PHOTOS]—–The Nigerian National Petroleum Company Ltd on Friday sealed five strategic agreements with oil 10 majors in the country that would unlock huge investments in the oil and gas sector in the country.
The agreements are the Production Sharing Agreement, Dispute Settlement Agreements, Settlement Repayment Agreement, Escrow Agreement.
The deal which covers five Oil Mining Licences (OMLs 128, 130,132, 133, and 138) is expected to unlock over $500bn revenue for the country in the oil and gas sector .
The Group Chief Executive Officer of the NNPC LTD, Mele Kyari signed the deal on behalf of the company while the Chief Executive Officer of the major oil companies signed for their their respective firms.
Some of the Companies are Total Energy, Chevron, Shell, Esso Exploration, Synopec, Equino, Sapetro, Sinoc.
The event held at the headquarters of the NNPC was attended by the Chairman of the NNPC Board, Margary Okadigbo, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission Gbenga Komolafe, the Chief Executive of the Nigerian Downstream and Midstream Petroleum Regulatory Authority Farouk Ahmed, the Executive Chairman of the Federal Inland Revenue Service Mohammed Nami, the Group General Manager of the National Petroleum Investment Management Services Bala Wunti, Chief Financial Officer, Umar Ajiya and other top officials in the industry.
