The Nigerian National Petroleum Company (NNPC) Limited has announced the signing of an agreement with Chevron Nigeria Ltd (CNL), its joint venture (JV) partner, on the conversion of five oil mining lease (OMLs) into four petroleum prospecting licence (PPLs) and 26 petroleum mining lease (PMLs).
This is even as the conversion is expected to significantly bolster crude oil production — with the two partners focusing on attaining 165,000 barrels per day (bpd) crude oil production target by December 2024
According to a statement by Femi Soneye, Chief Corporate Communications Officer, NNPC Ltd, he disclosed that the signing ceremony was held on Monday at the NNPC Towers, Abuja.
