• Short Summary

    The Nigerian National Oil Corporation and the Ashland Oil Corporation and the Ashland Oil Company on Tuesday (June 12) signed a new product-sharing agreement.

  • Description

    The Nigerian National Oil Corporation and the Ashland Oil Corporation and the Ashland Oil Company on Tuesday (June 12) signed a new product-sharing agreement. Under the agreement, the Ashland personnel will explore two areas vested in the Nigerian National corporation.

    After exploration and production cost's, the Nigerian Corporation will receive 65 per cent of the crude oil produced -- up to a production level of 50,000 barrels a day. Above that level, Nigeria will take 70 per cent.

    It has been an important week for the Nigerian oil industry. On Tuesday, Nigeria formally acquired a 35 per cent working interest in the biggest crude producing concern in the country -- the Shell-BP operations.

    Such agreements are important, too, for European oil consuming countries. Nigeria is one of their major suppliers, and the agreement removes any lingering uncertainties about the future of relations between the companies and the Nigeria government.

    The agreements come six months after oil companies in the Persian Gulf concluded participation contracts with their host governments.

    Coverage of Tuesday's signing ceremony is accompanied by library film of oil operations in Nigeria.

  • Tags

  • Data

    Film ID:
    VLVAYVWLIHLQFRHBYZFAOSR50PVG
    Media URN:
    VLVAYVWLIHLQFRHBYZFAOSR50PVG
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    14/06/1973
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:02:31:00
    Time in/Out:
    /
    Canister:
    N/A

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