The Nigerian National Petroleum Corporation (NNPC) and its partners in the Oil Mining Lease (OML 130) Production Sharing Agreements (PSA) and Production Sharing Contract (PSC) are set to earn over $760m from fresh Gas Supply Purchase Agreements (GSPAs) and Gas Entitlement Agreement (GEA). He commended the GMD and the NNPC for their vigorous pursuit of the aspiration of the decade of gas programme of the Federal Government. OML 130 is a deepwater block located 130kilometres offshore Niger Delta at water depths of well over 1000metres. In April 2006, SAPETRO farmed-out 90% of its Contractor interest in the OML 130 PSC to CNOOC. “The new agreements offer the gas sales framework for the 100% volume under the PSC and the PSA,” it read.

Source: Nigerian Tribune July 03, 2021 15:56 UTC