The Nigerian National Petroleum Corporation (NNPC) has signed a novation agreement with Nigerian Agip Oil Company (NAOC) on four Oil Mining lease (OMLs) namely; 60, 61, 62 and 63.
During the signing of the pact in Abuja on Wednesday, Mele Kyari, Group Managing Director, NNPC revealed that the deal would improve as well as strengthen the relationship between the corporation and its partners.
He also explained that going by the agreement, the NNPC has officially transferred its stake to the Nigeria Petroleum Development Company (NPDC).
Kyari added that part of the requirement for the agreement was to have the divestment authorized by the Minister of Petroleum Resources adding that a novation was needed to do so.
It was gathered that the novation was necessary as the corporation could no longer assure full delivery on its responsibilities to its partners, assuring that NPDC, as well as the corporation, is committed in the growth of the sector.
