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+---- Thread: Mining lease: FG, oil firm move to end litigations (/showthread.php?tid=26910)
Mining lease: FG, oil firm move to end litigations - Edoman - 12-17-2019
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Mining lease: FG, oil firm move to end litigations
[url=https://www.newtelegraphng.com/2019/12/mining-lease-fg-oil-firm-move-to-end-litigations/][/url]
The Nigerian National Petroleum Corporation (NNPC) at the weekend firmed up agreement with the Nigeria Agip Oil Company (NAOC) to end all litigations, and arbitrations, which have over the years rocked Oil Mining Leases (OMLs) 60,61, 62 and 63 and inhibited growth of the assets.[/size]
The corporation, which declared this in a document obtained by New Telegraph at the weekend, maintained that this step was taken to expeditiously grow Federal Government’s revenue and in turn boost the nation’s reserve base.
Group Managing Director of the NNPC, Mallam Mele Kyari, who confirmed this, also said that the agreement marked a significant milestone, with 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.
Mallam Kyari said the agreement would create more activities in the upstream, in addition to the concomitant employment opportunities therefrom for the people, saying the partnership held a lot of promise for all.
He said: “This is the beginning of greater things to come in the oil and gas industry. We are ready to make sure that NPDC delivers on her mandate of exploration as this is a milestone in our quest to grow reserves.”
Similarly, the NNPC and the Nigeria Agip Exploration Limited (NAE) signed the Abo OML 125 Head of Terms Agreement, which marks a significant advancement towards resolving issues which have lingered in most deep offshore production sharing contracts.
With the development, the parties can now look forward to the renewal of OML 125 and further investment in exploring and developing Abo field resources.
In his response, the Managing Director of NAOC, Lorenzo Fiorillo, said they were glad to partner with the NNPC in its drive to increase crude oil production in Nigeria.
“ENI through its Affiliate NAOC, is on record as the first company to produce from the deep offshore in Nigeria”.
Meanwhile, France, the Netherlands and the United Kingdom have committed $350 million to invest in solar energy in Africa and electricity storage, Afrik21 reported at the weeeknd. It is a strategic investment at a time when Africa is relying on renewable energy to provide access to electricity for its population.
Countries in sub-Saharan Africa will benefit from new funds to improve electricity supply. It is a $350 million commitment from France, the Netherlands and the United Kingdom. The latter will provide the greatest effort.
The Dutch Government plans to invest $44 million.
The funds will be used to finance solar off grid in sub-Saharan Africa. It is a widely used solution in several countries,which aims to compensate for the weakness of national electricity grids. The Dutch funding will make it possible to provide off-grid to households, companies or public institutions. For households in rural areas, solar home kits are often preferable.
The system is quite widespread, thanks in particular to private companies that are surfing on the “mobile money” trend, the mobile phone payment solution that is available almost everywhere, even in remote areas.
For its part, France, through the French Development Agency (AFD), plans to inject 55 million dollars. The funds will be allocated to independent private investors (IPPs) who are developing small solar projects across the African continent. In concrete terms, through the African Trade Insurance Agency, the AFD will provide guarantees to IPPs on their projects.
The $100 million provided by France and the Netherlands is part of the Solar Risk Mitigation Initiative (SRMI). It is a joint initiative of the World Bank and the French Development Agency (AFD) to mitigate the risks associated with solar projects in Africa. The ultimate objective is to address the political, technical and first
On its part, Great Britain promises even greater investment. It wants to allocate up to $250 million to middle-income countries around the world. Most of these countries are on the African continent and should benefit from the British handout.
The funds will be invested in electricity storage, an important issue in the development of renewable energy sources. “Energy storage is essential to maximise the use of renewable energy sources such as solar and wind power,” says Riccardo Puliti, Director of Energy and Extractive Industries, who is also Africa Regional Director for Infrastructure at the World Bank.