Divestment: FG completes NAOC – Oando, Equinor – Project Odinmim oil deals

The Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission , Engr. Gbenga Komolafe disclosed this at the ongoing NOG Energy Week in Abuja, adding that the signing ceremonies for the two deals would come up in the coming days.

Speaking on the potential in Nigeria’s deep offshore, he said: “And for us in Nigeria, our deep offshore accounts for 43% of our total oil reserve. Also, our total international oil production, our deep offshore accounts for 30% of our daily production. And of the total world development, the deep offshore contributes 60% of the entire world.

Similarly, the Executive Vice President, of Upstream, NNPC Limited, Mrs. Oritsemeyiwa Eyesan, said: “We had very robust discussions with the International Oil Companies, IOCs, and the strategy was to let us align our interests, conclude with the IOCs and amend the prerequisite agreements that need to be amended. Today, I am happy to announce that we are at the point of finalizing these discussions.

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