The management of Nigerian National Petroleum Company (NNPC) Limited has replaced Eroton Exploration and Production Limited as the new operator of oil mining lease (OML) 18. This, according to was done in order to protect the JV investment in OML 18, the non-operating partners, NNPC Limited (55 per cent interest) and OML 18 Energy Limited (“OML 18 Energy” – 16.20 per cent interest), jointly owning 71.20 per cent equity, removed Eroton as operator of the JV. “This is in line with the provisions of the Joint Operating Agreement (JOA).” READ…
Read MoreWhy NNPCL Sacked Eroton As OML 18 Operator
