To expeditiously grow the federal government’s revenue and in turn boost the nation’s reserve base, the Nigerian National Petroleum Corporation (NNPC), Nigeria Agip Oil Company (NAOC) and Oando, have executed a novation agreement for Oil Mining Leases (OMLs) 60,61, 62 and 63.
The group managing director of the NNPC, Mallam Mele Kyari, speaking on the significance of the novation agreement at the NNPC Towers, Wednesday in Abuja, said the agreement marked a significant milestone, with the promise to bring about an amicable end to all litigations, and arbitrations that have over the years inhibited the growth of those assets.
A release by NNPC acting group general manager, Group Public Affairs Division, Mr Samson Makoji, said Mallam Kyari explained that the agreement signified the transfer of NNPC interest in those assets to the Nigerian Petroleum Development Company (NPDC) which would open up the company to contributing to cash calls and further progress the growth of the partnership.
“The Federation divested its interest in the NNPC, NAOC joint ventures and that means we have transferred those interest to the Nigerian Petroleum Development Company (NPDC) in order to grow NPDC, to become a medium size Upstream company that the federation and the NNPC would be proud of,” Mallam Kyari informed. He added that the novation agreement offered NNPC partners the comfort that the NPDC would deliver on its responsibilities, stressing that the agreement would open a new chapter of business for NPDC and the entire partnership and create a new frontier for revenues for the companies as well as the nation at large.
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