Nigeria: Lekoil, Optimum Agree to Defer Opl 310 Obligations

24 January 2020

Nigeria's indigenous oil and gas exploration and production company, Lekoil, said it has reached an agreement with Optimum Petroleum Development Company, the Operator of the OPL 310 License, on deferring the company's financial and operational obligations due in February 2020.

As previously announced, pursuant to the Cost Recovery and Sharing Agreement, Lekoil was required to pay a portion of Optimum's sunk costs and consent fees (previously estimated at $10 million) as well as provide evidence of its ability to fund 42.86 per cent of the costs and expenses for the drilling of the first appraisal well during February 2020 (estimated at a further $28 million).

...

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.