Mother Nature has a way of depositing its vast treasures wherever it pleases. In the wonderful world of hydrocarbons, these resources are either placed onshore or offshore . Beneath the hidden depths of the world’s seas, ranging from a few hundreds to several thousands of feet , therein lies vast fortunes of oil and natural gas resources. These resources have the capacity to boost world economic growth and play a vital role in the future of the rapidly changing global energy mix.
As critical as Nigeria’s deepwater terrain is, it happens that this high-volume environment has been plagued by protracted dispute between the International Oil Companies contractors and the host nation, Nigeria, represented by the Nigerian National Petroleum Corporation . The disputes have, over the years, been rooted in entrenched differences in the interpretation of the provisions of the Production Sharing Contract and its associated laws.
The strategy deployed to resolve the conflict in the Oil Mining Lease 118 Bonga PSC is expected to serve as a benchmark for resolving the remaining PSC deepwater disputes. The Bonga PSC was thus the gateway to the resolution of the industry-wide disputes that have hamstrung the potential in the deepwater terrain over the years.
So, after two years of negotiating the strategy and seeking alignment on some of the PSC terms, NNPC in February 2019 signed Heads of Terms with the OML 118 PSC contractors partners – Shell Nigeria Exploration and Production Company , Total Exploration and Production Nigeria Limited , Esso Exploration and Production Nigeria Limited and Nigerian Agip Exploration .
So today, here we are. Barely two months before Kyari clocks two years on the saddle, he has delivered on that promise – galvanising and bringing together NNPC’s Contractor parties to agree to the much anticipated full term agreement which finally creates a certainty for the desired brighter future in the nation’s upstream sector.
In similar vein, what this major milestone means is that, through Kyari’s ingenious effort and visionary leadership, a dispute that had stood in the way of progress and development for many years have been resolved in the best interest of all partners, a win-win.
Get out Na foreigners we be now
Hahaha ụna use VPN tweet too? 😂😂😂
And where are all our elected Reps and Senators that are supposed to represent us? Are they all going to continue to stay silent? Government is called 'Public Service' because they're meant to *serve* the public. They've turned Govt into a shortcut to wealth and a retirement home
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