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19 Oct 2017

NNPC: What Osinbajo Discussed With Baru and I At Statehouse Yesterday – Kachikwu Reveals

The Federal Government would continue with the development of the $13.5billion Zabazaba Deepwater Oil Field despite several litigation, Minister of State for Petroleum Resources, Dr Ibe Kachikwu said this formed part of the discussion at the Statehouse on Wednesday with the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru and the Vice President, Yemi Osinbajo.

The meeting was at the instance of the Vice President amid reported scandal at the NNPC after a letter Kachikwu wrote to President Muhammadu Buhari in which he levelled several allegations against Baru was leaked to the public and went viral.

Kachikwu told State House correspondents after the meeting that despite ongoing litigation, Zabazaba Deepwater Oil Field

The project, situated in Oil Prospecting Lease (OPL) 245, was said to have been acquired by Shell and Agip from Malabu Oil and Gas in 2012 for $1.3 billion dollars.

The acquisition has, however, been the subject of a corruption probe and prosecutions in Italy and Nigeria.

Kachikwu also hinted that the meeting discussed some escrow accounts.

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