Nigerian partners sign 20-year deepwater deal
Nigeria The series of agreements signed between the partners are poised to unlock USD 10 billion of investment, NNPC group managing director Malam Mele Kyari was quoted as saying in a statement released by the NOC on Tuesday.
With the new agreements, the partners put an end to “long-standing disputes over the interpretation of the fiscal terms of the production-sharing contracts,” the statement said.
The NOC’s OML 118 partners include Shell Nigeria Exploration and Production Company (Snepco), Total E&P Nigeria, Esso Exploration and Production Nigeria and Nigerian Agip Exploration.
Five agreements were signed, including the Dispute Settlement Agreement, Settlement Agreement, Historical Gas Agreement, Escrow Agreement and Renewed PSC Agreement.
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