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Bloomberg
Nigeria’s state oil company signed a preliminary agreement to end a dispute with two energy companies over oil exports, signalling a move towards resolving similar disagreements with other oil majors on revenue from several offshore oil fields.
The Nigerian National Petroleum Corp said in a statement on Twitter it signed a deal with China’s Cnooc and Lagos-based South Atlantic Petroleum Co (NNPC) to settle disagreements over the production-sharing contract signed on Oil Mining Lease 130. NNPC, as the state oil company is known, previously alleged “under-declarations†of crude exports by the companies between 2011 and 2014.
The deal is “a major milestone toward the resolution of all disputes,†with energy companies operating in Nigeria, NNPC said without providing details. Mele Kyari, the group managing director, said a year ago that a resolution was in the works.
The disputes are currently before a federal high court in the commercial capital, Lagos, where the state oil company is seeking at least $12.7 billion in payments.