NNPC TRANSFERS STAKE TO NPDC
September 12th, 2011
The Nigerian National Petroleum Corporation (NNPC), in line with its current transformation programme geared towards developing its subsidiaries, has decided to transfer all its participating interest in Oil Mining Licenses 4, 38 and 41, in NNPC's joint venture agreement with SEPLAT Petroleum Development Company to its subsidiary, Nigerian Petroleum Development Company (NPDC).
The transfer was communicated in a September 3, 2010 letter from the NNPC to the Board of SEPLAT in keeping with the provisions of Article 19.2 of the Joint Venture Agreement.
SEPLAT emerged operator of the NNPC/SEPLAT joint venture after it successfully acquired stakes in the three onshore Oil Mining Licenses (OMLs 4, 38, 41) from Shell/Total/Agip. The acquisition represents a 45% stake in the three onshore licenses located Onshore in the Western Niger Delta region. NNPC owns the remaining 55%.
The Nigerian Petroleum Development Company (NPDC) Ltd is one of NNPC's 11 subsidiaries. It is a fully-owned subsidiary of the NNPC and is principally engaged in Oil & Gas Exploration and Production activities in the hydrocarbon-rich regions of coastal Nigeria, both onshore and offshore; and more recently, around Equatorial Guinea.