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Nigerian Government Takes Major Stake In Agbami Oil Field (Posted Dec 2000) Tell your friends about this page! Email it to them. 

The air of controversy over the fate of the giant Agbami oil field, holding 2 billion barrels crude-oil-in-place may have been cleared with the decision of the federal government to take a 40 per cent stake in the venture. By this development, the federal government may have exercised the proviso in the 1991 production-sharing contract, PSC, (Petroleum Prospecting Laws,) which allows the Nigerian Government to take a stake in any oil acreage, which it considers "promising". Hitherto, the partners in the oil block, were Famfa Petroleum, an indigenous prospector, with 60 per cent stake; Bras Petrol, 8 per cent; and Star Deepwater (a unit of Texaco) which is the operator of the acreage, owing 32 per cent. With The ‘big gusher’ find and, the rancour between the earlier three partners over their business relationship, the government waded in.

Earlier, Famfa Petroleum had gone to court to seek redress, charging that it has been short-changed by its two other partners, particularly the operator, star deepwater (Texaco). Observers believe the attractiveness of the hydrocarbon reservoir - billion barrels - found in the slightly deep offshore acreage was what generated so much heat between the partners and also drew government’s interest. The partners who now include the NNPC (the national oil company representing government interest) are poised to decide the best approach to producing the Agbami reservoir.

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