NNPC JV Partners, SPDC and Belemaoil sign understanding to bring an end to OML 25 crisis.
Chief Timipre Silva, Minister of State for Petroleum Resources thanked the companies “for cooperating to ensure that there is closure on this matter that has bedevilled the industry for so long.”
In the Agreement, Belemaoil will manage and operate OML 25 while SPDC retains its licence.
Signatories to the Agreement include Jack-Rich Tein, Jr, Belemaoil Founder/President, Mele Kolo Kyari, GMD, NNPC; Osagie Okunbor, MD, Country Chief, SPDC and Chief Timipre Silva, Minister of State for Petroleum Resources.
With this Agreement, peace, normalcy and development is expected to return to Belema and Offoinama Communities while full operations of the facility resumes. The JV partners are expected to embark on a joint visit to the Communities to convey its peaceful resolution of the crisis.