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Oando Signs Agreements on Agip Operated Block, OPL-282

1st March, 2007

hexgear

Oando Exploration and Production Limited (OEPL), and its Local Content Vehicle (LCV) partner, Arc Oil and Gas, under the umbrella of Alliance Oil Producing Nigeria Limited, has signed a Joint Operating Agreement (JOA) with Nigerian Agip Oil Company (NAOC) on OPL 282, which was awarded by the Federal Government during the 2005 bid round.

Oando, as part of the Local Content Vehicle (LCV) has a 40% interest in Alliance Oil Producing Nigeria Limited, which translates to a 4% non-operating interest in the block, while Nigerian Agip Oil Company has a 90% stake and is the operator of the block. This signing truly embodies the aim of the government for the Local Content Vehicle being that of indigenous companies participating in the upstream industry.

Asset: OPL 282 Source: http://www.petroleumafrica.com...

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