Comment on Nigeria’s NNPC sets agreements with Total, CNOOC on deepwater oil block by Nigeria’s NNPC sets agreements with Total, CNOOC on deepwater oil block – CoolUpdate

['Joshua Chinonye', 'Https', 'Joshua Chinonye Is The Energy Editor At', 'Covering Nigeria S Oil', 'Gas', 'Power Sectors. He Reports On Energy Policy', 'Market Trends', 'Sustainability With A Focus On Informing Public Discourse'] Comments for Naija247news 2023-05-26 00:00:00

Oil Mining Lease 130 is located offshore Niger Delta at water depths of over 1000 meters. AdvertisementIn a ceremony at the NNPC Towers presided over by the Permanent Secretary Ministry of Petroleum Resources, Ambassador Gabriel Tanimu Aduda, five agreements were executed. AdvertisementThe acreage was awarded to South Atlantic Petroleum (SAPETRO) via a discretionary allocation by the Federal Government in 1998 as an Oil Prospecting License (OPL) 246. SAPETRO thereafter farmed out 24 per cent to Total Upstream Nigeria (TUPNI) and 16 per cent to Prime 130 Nigeria Limited. So far, about 1.6Tcf of gas has been commercialized from both fields with an outstanding record of non-zero gas flare.