Eland Oil & Gas have confirmed that its Nigerian joint venture company has received approval from the Department of Petroleum Resources (DPR) to operate the OML 40 license, onshore Nigeria. Based on information from rigzone.com, Elcrest Exploration and Production Nigeria Limited have received confirmation that they have fulfilled all required obligations, including the payment of fees of $2.3 million to the DPR in relation to the organisations appointment as operator of the OML 40 license for a 10-year period.
The Nigerian National Petroleum Corporation (NNPC) and the Ministry of Petroleum resources has now been advised to proceed with the finalisation of a joint operator model agreement. Eland said that the agreement has been fully drafted and is currently under review, by all parties, and signing is expected in the coming weeks.
CEO, George Maxwell state’s:
“We are delighted to have received consent from the Ministry of Petroleum Resources for Elcrest’s appointment as operator of OML 40. It only remains to complete a revised joint operating agreement between Elcrest and NPDC when a further announcement will be made.”
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