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NNPC Moves To End Disputed Mining Lease

The Nigeria National Petroleum Corporation, China’s CNOOC Ltd and South Atlantic Petroleum signed a preliminary agreement to resolve a dispute over Oil Mining Lease 130, the West African state oil firm said on Thursday.

NNPC said on its official Twitter account that it signed a Heads of Terms (a non-binding broad outline of a deal) with the Chinese and Nigerian firms that seeks to address disagreements over the mining lease’s production sharing contract.

It did not provide details of the dispute nor the new proposed terms.

Oil Mining Lease 130 contains fields including Akpo and Egina.