The Nigerian National Petroleum Company Limited (NNPCL) On Thursday confirmed that they do not object to the sale of shares of the Nigerian Agip Oil Company Limited to Oando Plc. Chief Corporate Communications Officer of NNPC Ltd, Garba Deen Muhammad, stated that NNPC E&P Limited (NEPL), a subsidiary of NNPC Ltd, was merely highlighting specific essential clauses within the Joint Operating Agreement (JOA) between NEPL, NAOC, and OOL. These clauses may have been inadvertently overlooked, and adhering to them is crucial for safeguarding the transaction both now and in the future.
Muhammad clarified, “We have observed that a routine communication in the form of a letter sent by NNPC E&P Limited (NEPL) to its joint venture partner, Nigerian Agip Oil Company Limited (NAOC), has been misinterpreted to imply that NNPC Ltd. opposes the sale of NAOC shares to Oando PLC. This is not accurate.”
He continued, “NNPC Ltd. would like to emphasize that the letter was issued by NEPL, a subsidiary of NNPC Ltd. However, it is essential to note that nowhere in the letter was there any opposition or objection to the transaction. NEPL’s intention was solely to bring attention to specific critical clauses within the JOA between NEPL, NAOC, and OOL, which may have been inadvertently overlooked. Complying with these clauses is vital for ensuring the transaction’s protection, both now and in the future.”
