By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited has said it is not against the Eni and Oando deal as earlier reported.
Business Post had reported that the Managing Director of NNPC Exploration and Production Limited (NEPL), Mr Ali Zarah, a subsidiary of the state oil company, had said his agency was yet to confirm the authenticity of the agreement for the acquisition of Nigerian Agip Oil Company Limited (NAOC) assets.
“Our attention has been drawn to various reports circulating on different media platforms in relation to an alleged divestment of NAOC’s participating interest in OMLs 60, 61, 62 and 63 to Oando Oil Limited (OOL).
“Whilst we are yet to confirm the authenticity of the said divestment, we would like to note that the purported assignment, if true, would have the following far-reaching contractual/legal implications in relation to the Joint Operating Agreement (JOA) dated July 1991 governing the operations of the NAOC/NEPL/OOL Joint Venture,” the NEPC said.
But in a twist of event and a statement dated September 7 signed by Mr Garba Deen Muhammad, the NNPC stated that, “It has come to our notice that a routine communication in the form of a letter written by NNPC E&P Limited (NEPL) to its JV Partner, Nigerian Agip Oil Company Limited (NAOC) is being interpreted to suggest that NNPC Ltd is opposed to the sale of NAOC shares to Oando PLC.
“This is not correct. NNPC Ltd. wishes to state that the letter was sent by NEPL, an NNPC Ltd subsidiary.
“However, nowhere was opposition or objection to the transaction mentioned in the letter.
“NEPL is only drawing attention to certain important clauses in the Joint Operating Agreement (JOA) between it, NAOC and OOL; which might have been overlooked in error.
“Adherence to those clauses will protect the transaction, now and in the future.”
This, more or less, will now clear the way for Oando to acquire 100 per cent of the shares of NAOC, which has interests in four onshore blocks and two onshore exploration leases in the country.
This newspaper gathered that oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) picketed the entrance to the Port Harcourt office of the Nigerian Agip Oil Company on Thursday in protest over the sale, allegedly without due process.
According to SweetCrudeReports, the protesting oil workers numbered over a thousand, peacefully protesting with placards bearing different inscriptions such as Eni where is our pension? Eni where is our ESP? No to transfer without severance amongst others.
Modupe Gbadeyanka