Agip, Oando Get NNPC’s Stake In Three Oil Wells

The Nigerian National Petroleum Corporation on Wednesday signed an agreement with Nigeria Agip Oil Company and Oando for the transfer of NNPC’s stake in three oil wells.

The wells include Oil Mining Lease 61, 62 and 63 and NNPC’s stake in them were transferred to the corporation’s upstream subsidiary, Nigerian Petroleum Development Company.

The transfer, according to NNPC, was geared towards meeting its target of growing the national reserve to 40 billion barrels and improving crude oil production to three million barrels per day by 2023.