Director overseeing the Office of the Permanent Secretary, Ministry of Petroleum Resources, Engr. Kamoru Busari, FNSE, on Friday, 12th August 2022, represented the Honorable Minister of State for Petroleum Resources, Chief Timipre Sylva, at the signing ceremony of the renegotiated 1993 Deep Offshore Production Sharing Contracts (PSCs) for a renewed twenty (20)-year term.
The ceremony which held at the amphitheater, NNPC Towers, Abuja, had in attendance, the Chairman of the Board of NNPC Ltd, Senator Margery Chuba-Okadigbo, Chief Executive Officer, NNPC Ltd, Mr. Mele Kolo Kyari and representatives of other stakeholders in the contracts.
The execution of the renegotiated contracts between NNPC Ltd and the Contractors is in consonance with Presidential mandate and provisions of the Petroleum Industry Act (PIA) 2021. It also signals the resolution of the age-long disputes that plagued the hitherto PSCs.
The resolution of the disputes is expected to entrench a stable environment for investments in Nigeria’s Deep-Water oil and gas development.