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NNPC, contractors renew production sharing agreements

The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) and its partners in Oil Mining Leases (OMLs) on Friday signed renewed Production Sharing Contracts (PSCs) agreements to produce 10 billion barrels of oil cumulatively. The development finalised negotiations on renewed PSC, in line with the new provisions of the Petroleum Industry Act (PIA) Section 311. The

Apache to increase oil Investments in Egypt

Investments will enhance old wells as well as boosting exploration activities US-based Apache Corporation is planning to ramp up investments into its concessions in Egypt’s Western Desert region, according to the Egyptian Ministry of Petroleum and Mineral Resources. The investments will aim to enhance the productivity of old wells as well as boosting exploration activities.

Mobil-Seplat Deal: Buhari Backs NUPRC on Decline of Ministerial Consent

About 48 hours after granting ministerial consent regarding the N1.283 billion sales and purchase deal between ExxonMobil and Seplat Energy, President Muhammadu Buhari yesterday rescinded the decision. The president, who is the de facto Minister of Petroleum Resources, blamed the lack of coordination among the concerned agencies for the confusion, explaining that he had weighed

Buhari approves Seplat’s acquisition of Mobil Nigeria from ExxonMobil

President Muhammadu Buhari has approved Seplat Energy‘s acquisition of the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation. Mr Buhari approved the transfer in his capacity as Minister of Petroleum Resources. Exxon Mobil entered into a landmark Sale and Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil