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.
GV Ministry of Mines building Lagos
LV Signatories sit at table
SCU Oil Corporation and company officials signing agreements
CU pan across documents being signed
SV delegates exchanging contracts (2 shots)
CU Cameraman filming
SV Mr. Asiodu shakes hands with Mr. Harding
VISLIB FILM: SV Drilling operations in progress near Imo (3 shots).
SV Oil workers (2 shots).
CU Man takes oil samples from filter bed.
GV Oil containers and jetty at Bonney (5 shots)
GV Oil pipelines leading to storage tanks (3 shots)
Travel shot up river Bonney
CV Oil tanker and pipeline (2 shots)
SV Men loading oil on tanker through pipelines (4 shots)
Travel shot up river towards Port Harcourt
GV Tanker leaving harbour and other tankers in harbour (4 shots)
CV Oil pipelines on quay side
Initials AE/1457 AE/1711
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Background: 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.