The Nigerian National Petroleum Company Limited announced the renewal of the Oil Mining Lease 130 Production Sharing Contract and conversion of the area to a Petroleum Mining Lease in compliance with the Petroleum Industry Act 2021.
The Permanent Secretary, Federal Ministry of Petroleum Resources, Amb. NNPC, presided over the ceremony at the NNPCL towers, said the milestone had paved the way for the firming up of the Final Investment Decision on the Preowei, amounting to about $2.1 billion, which would be followed by Egina South projects lined up by TUPNI and the OML 130 partners to introduce additional volumes to the best-in-class Egina Floating, Production, Storage, and Offloading vessel.
OML 130 is located 130 kilometers offshore in the deepwater Niger Delta.
The block includes the producing Akpo and Egina fields and the Preowei discovery. In 2003, the OPL was converted to OML 130 and the Federal Government, through NNPC, backed into 50 per cent of the Asset in 2005 with SAPETRO as the Contractor with 100 per cent contractor interest.