Abuja - Hopes of successful winners of Shell Petroleum Development Corporation’s (SPDC’s) $3 billion oil blocks to operate the oil fields have been dashed as the federal government may have dropped the idea of given its consent to the proposed sales of the oil fields.
The government has invoked the Joint Operation Agreement (JOA), which provides that an operator of a producing asset can sell its interest to a third party but cannot transfer the operatorship to the new buyer, reports New Telegraph.
All entreaties by the prospective new owners to the federal government to allow them operate the oil fields have been rebuffed.
Meanwhile, the federal government may have directed the Nigerian Petroleum Development Company (NPDC), a subsidiary of Nigerian National Petroleum Corporation (NNPC) to take over the operatorship of these oil fields.
Read more at New Telegraph.
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