Nigeria: Govt Accuses Joint Venture Partners of Illegal Sale of Assets

3 June 2014

The Federal Government has expressed concern over what it called the way and manner that oil companies are divesting their interests, especially in the Joint Venture (JV) arrangements with the Nigerian National Petroleum Corporation (NNPC), describing it as a violation of the Petroleum Act of 1969, as amended.

Specifically, the government accused the JV partners of carrying out divestments in a way that is contrary to the provisions of the Petroleum Act of 1969, which requires that "prior consent of the Minister of Petroleum Resources be obtained before the assignment of any right, power or interest in any Oil Prospecting License (OPL) or Oil Mining Lease (OML).

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