Oando To Acquire 40% Interest In Qua Iboe Oil Field

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Oando Exploration and Production Limited (OEPL), a subsidiary of Oando Plc with 13 exploration and production assets, has announced that it has signed a farm-in agreement with Network Exploration & Production Nigeria Limited (NEPN) for the acquisition of 40 per cent participating interest in the Qua Iboe field (OML 13) subject to the consent of the Minister of Petroleum Resources.

The oil firm stated this in a statement made available to LEADERSHIP. OEPL and NEPN signed all agreements relating to the transaction on the February 2, 2012 and have subsequently filed an application with the Department of Petroleum Resources (DPR) for the consent of the Honourable Minister of Petroleum Resources.

Upon the minister’s approval, OEPL would have acquired a 40% participating interest in the Qua-Iboe field (OML 13) and will be designated the Financial and Technical Services Partner, delegated to perform some of the Technical and Project Management duties and obligations of the Operator in the development of the Qua Iboe field.

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