NNPC takes step to end Oil Mining Lease 130 dispute

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NNPC takes step to end Oil Mining Lease 130 dispute

The Nigeria National Petroleum Corporation (NNPC), China’s CNOOC Ltd and South Atlantic Petroleum (SAPETRO) signed a preliminary agreement to resolve a dispute over Oil Mining Lease 130, the state oil firm said on Thursday.

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.

It did not provide details of the dispute nor the new proposed terms. Oil Mining Lease 130 consists of producing fields such as Akpo & Egina.

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