NNPC signs MOU with Savannah Petroleum for oil exploration

Savannah Petroleum PLC  has signed a three-way agreement in relation to the Nigerian section of the Central African Rift System.The memorandum of understanding was co-signed by the New Nigeria Development Company Ltd (NNDC) and Nigeria National Petroleum Corporation (NNPC).It sets out terms by which the three parties will establish technical and steering committees to manage the process of evaluating the technical and commercial prospectivity of this materially underexplored region, Savannah told investors.The AIM quoted company expects to  enter into additional agreements with NNDC and NNPC over time, and it added that separate talks are taking place between them regarding other potential opportunities in Nigeria.Andrew Knott, chief executive Savannah Petroleum, in a statement said: “We very much look forward to leveraging our experience gained from working in the Niger section of Central African Rift to assist in the exploration of the Nigerian section.”NNDC managing director Dr Ahmed Muhammed added: “This partnership lays a foundation for deeper economic ties and would enable us to contribute towards the achievement of the energy security strategies of the Nigerian government.”Meanwhile, Dr Mazadu Bako, NNPC’s manager of frontier exploration, said: “We are delighted to commence working with Savannah Petroleum in the Nigerian portion of the Central African Rift system.“Savannah’s technical knowledge and experience of working in the Niger section of this system is a major asset for NNPC as we look to unlock the potential of this area.”