The Nigerian National Petroleum Corporation (NNPC) with its joint venture partners, Shell Production Development Company (SPDC) and Belema OIL, have resolved the dispute on the operation of Oil Mining Lease (OML) 25.
The feuding group at the signing of the dispute closure agreement in Abuja on Tuesday agreed that operations at the oil well would take off in the next 10 days.
The Minister of State for Petroleum Resources, Timipre Sylva, while signing the agreement, thanked all the parties stressing that the step signified the beginning of a new chapter in the industry.
Mr Sylva said the aim of the ministry was to ensure an oil industry that worked and operated in harmony and in unity.
He said that the biggest beneficiaries of the agreement were not the companies but the communities, especially those in Belema which had been suffering since the beginning of the dispute.
The minister commended the NNPC, Shell and the Belema Oil for agreeing to resolve the dispute.
Earlier, Mr Kyari said the development was a big achievement for the corporation.
The NNPC boss said the dispute around the OML 25 had been on for over two years, adding that the end result was that communities lacked peace with the disruption of property and social lives in the area.
“For us, the most important aspect of the dispute resolution is that, at least, the communities will have their peace restored.