25
Mar 19
Teaching an Old Dog New Tricks - Converting the NPDC and NNPC Unincorporated Joint Ventures to Limited Liability Companies - Issues Worth Considering
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The Federal Government of Nigeria (the “FGN”), through the Nigerian National Petroleum Corporation (the “NNPC”) and or the Nigerian Petroleum Development Company Limited (“NPDC”), holds majority of the participating interests in those arrangements referred to, as the traditional joint ventures. These traditional joint ventures are unincorporated (contractual) joint ventures.
Specifically, under these unincorporated joint ventures (“UJVs”), the NNPC and NPDC enter into Joint Operating Agreements (“JOAs”) with other oil and gas producing companies, which serve as the key governing documents for each JOAs (in practice, many of the terms of these JOAs mirror one another).