NNPC Limited had renewed oil production sharing contracts with its partners

NNPC Limited had renewed oil production sharing contracts with its partners for OML 125, 128, 130,132, 133, and 138 — after nearly three decades.

The renewals were in line with the provisions of section 311 of the Petroleum Industry Act (PIA).

The company had said the recent negotiations would put to rest the 1993 protracted dispute between NNPC Limited and the contractor parties.

“The PSCs and their leases, except OML 130, will run for another 20 years term under pre-PIA laws, while OML 130 is to be renewed under PIA terms,” the state oil firm said.

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