The Nigerian National Petroleum Company Limited Exploration and Production has expressed concerns about the divestment of the Nigerian Agip Oil Company’s participating interest in its joint venture partnership, over non-conformity to regulatory processes, TheCable understands.that it reached an agreement with Eni, on the acquisition of a 100 percent stake in NAOC Limited.
Prior to the deal, which is subject to regulatory approvals and ministerial consent, NAOC held a 20 percent participating interest in its JV partnership with non-operators NNPC E&P and Oando .It also held a 5 percent participating interest in the Shell Production Development Company — which Eni said is not included in the transaction and will be retained in its portfolio.
It was further learnt that the transaction was at risk of being nullified by NEPL since a formal agreement was not obtained from the NNPC subsidiary.
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