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The company has also been effectively barred an end to the conflict and saying: “We strongly
from directly selling crude and refined petro- support a lasting ceasefire and a settlement of
leum products to the EU since June 1, when problems through serious negotiations and
Brussels adopted a general ban on imports of diplomacy.”
Russian oil and fuel. Meanwhile, Vagit Ale- The Russian major has a 38% stake in Deep-
kperov, the former head of the company, has water Tano/Cape Three Points (DWT/CTP),
been sanctioned personally in the UK, EU and the offshore Ghanaian block that includes the
Australia. Pecan oilfield. The remaining equity in the pro-
Alekperov resigned from his job at Lukoil in ject is split between Aker Energy, the operator,
late April. He did not explain the reason for his with 50%; state-owned Ghana National Petro-
departure, but an unnamed source familiar with leum Corp. (GNPC), with 10%, and Fueltrade
the matter told Reuters at the time that he had (Ghana), with 2%.
stepped down so that his status as a target of the Pecan is believed to contain 450-550mn
trade restrictions would not affect the company’s barrels of oil equivalent (boe) in recoverable
operations. reserves. Aker Energy Ghana has said previ-
Lukoil has come closer than any other Rus- ously that it intends to develop the oilfield on a
sian oil company to speaking out against the stand-alone basis, without focusing on hydro-
Kremlin’s war on Ukraine. In early March, the carbon reserves in other sections of the DWP/
firm’s board of directors issued statement urging CTP block. ™

NNPC Ltd signs renegotiated

PSCs for five deepwater blocks

NIGERIA NIGERIAN National Petroleum Co. Ltd
(NNPC Ltd) said on August 12 that it had com-
pleted the process of negotiating new produc-
tion-sharing contracts (PSCs) for five deepwater
blocks in a move that will unlock more than
$500bn in revenue for the West African country.
NNPC Ltd announced this development in
a statement and on social media, saying that the
renegotiated PSCs covered the offshore blocks
known as OML 128, OML 130, OML 132, OML
133 and OML 138. The OML 130 PSC has been
renewed in line with the terms of Nigeria’s Petro-
leum Industry Act (PIA), adopted in August NNPC Ltd held the signing ceremonies on August 12 (Photo: Twitter/@nnpclimited)
2021, while the other PSCs have been extended
for 20 years on pre-PIA terms, the national oil deepwater blocks covered by the new PSCs have
company (NOC) said. the potential to produce some 10bn barrels of
Mele Kyari, the group CEO of NNPC Ltd, crude oil over the next 20 years.
also stressed that all of the negotiations had NNPC Ltd’s partners in the five blocks
taken place within the timeframe specified by include Chevron (US), China National Off-
the PIA, which set deadlines for the renegotia- shore Oil Corp. (CNOOC), ExxonMobil (US),
tion of PSCs. “The meaning of this is that there Equinor (Norway), Shell (UK) and Sinopec
is now a great deal of clarity between NNPC (China).
Ltd and its partners in the deepwater space,” he Chevron and Equinor are working at OML
commented. 128, which contains part of the giant Agami-
Discussions between the NOC and the inter- Ekoli oilfield. Sinopec is working at OML 130,
national oil companies (IOCs) that are develop- which contains the Akpo and Egina producing
ing the offshore blocks have been dragging on fields, as well as the Preowei discovery. Chev-
for several years, delay development and other ron is working at OML 132, which contains the
upstream operations. Kyari attributed the wait Aparo appraisal well, which is part of the same
to disputes over provisions from the original structure as Bonga Southwest. Shell and Exx-
contracts related to revenues and taxes but said onMobil are working at OML 133, which con-
the new PSCs had minimised “all ambiguities.” tains the Erha oilfield. Chevron, ExxonMobil,
According to Bala Wunti, the head of NNPC CNOOC’s Nexen affiliate, Sinopec and TotalEn-
Ltd’s National Petroleum Investment Man- ergies are all working at OML 138, which con-
agement Services (NPIMS) subsidiary, the tains the Usan oilfield. ™

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