NPDC, Atlantic Energy form alliance on 4 oil blocks

16 November 2012, Sweetcrude, LAGOS – ATLANTIC Energy Limited says it has sealed four strategic alliance agreement, SAA, with the Nigeria Petroleum Development Company Limited, NPDC, to facilitate operations for Oil Mining Leases, OMLs, 26, 30, 34 and 42.

The company said these SAAs were similar to the type NPDC executed with international oil companies, including Agip and Sinopec over the last 10 years, which had resulted in the production in excess of 100 million barrels of crude oil.

SAA is an agreement for cooperation among two or more independent firms to work together toward common objectives. Unlike in a joint venture, firms in a strategic alliance do not form a new entity to further their aims but collaborate while remaining apart and distinct.

Co-Chief Executive Officer of Atlantic Energy, Mr. Scott Aitken, made these known in his presentation titled: “Public – Private Partnership to Redevelop Brown Fields in Nigeria,” at the 19th Africa Oil Week in Cape Town, South Africa, recently.

Aitken said Atlantic Energy’s recent alliance with the NPDC was mutually rewarding.

According to him, it was aimed at realising the development potential of the relevant brown field assets, which will reinforce NPDC ‘s position as the key national operating company, by funding equity participation, providing technical assistance, project management of specific key blocks and gas infrastructure and the development of reserves and other exploration opportunities.

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  • We welcome this development and look forward to it adding value to the Nigerian crude oil exploration and production landscape.