NNPC SIGNING NEW GENERATION OF LAND, DEEPWATER CONTRACTS

Nigerian National Petroleum Corp. has signed a new type of contract with individual companies covering land and deepwater offshore blocks. NNPC signed contracts separately with newly formed Shell Nigeria Exploration & Production Co. Ltd. (Snepco), London, and Elf Petroleum Nigeria, Paris. A Shell spokesman said the new contracts involve NNPC and one foreign partner rather than NNPC and a number of foreign partners with minority interests. Foreign partners are expected to pay exploration costs,

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