The Nigerian National Petroleum Company Ltd on Monday signed an agreement with its Joint Venture (partner, Chevron Nigeria Ltd (CNL), on the conversion of five Oil Mining Lease into four
Petroleum Prospecting Licence and 26 Petroleum Mining Lease.
The move is in line with the provisions of the Petroleum Industry Act (PIA) 2021.
The Group Chief Executive Officer of the NNPC Ltd., Mr. Mele Kyari and the Director, Deepwater and Production Sharing Contract (PSC) of Chevron Nigeria Limited (CNL), Mrs. Michelle Pflueger, signed the new agreements on behalf of their respective companies.
The pact was signed under the watch of the Industry regulator, Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
SOURCE: The Whistler