The move paves the way for a formal unitisation agreement with Statoil, the operator of neighbouring block OPL-217 for which an interim solution only had been agreed.

The accord marks the end of an acrimonious judicial process whereby local indie Famfa Oil, the operator of OPL-216, was poised to arraign the NNPC in Nigeria's Supreme Court over what constitutes the "national interest" when reassigning equity to the state.

Famfa