The Complete 2004 Laws of Nigeria

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OSO CONDENSATE PROJECT ACT

ARRANGEMENT OF SECTIONS

SECTION

  1. Power to borrow money in any currency, etc.
  2. Power to give security, etc.
  3. Power to enter into agreement.
  4. Interpretation.
  5. Short title.

An Act to authorise the Nigerian National Petroleum Corporation to borrow mone
in any currency for the carrying out of the Oso Condensate Project and for other
matter
connected therewith.

[1990 No. 15.]

[25th May1990]

[Cornmencernent.]

  1. Power to borrow in any currency, etc.

(1) Notwithstanding any provision of any enactment, the Nigerian National Petroleum
Corporation (in this Act referred to as "the Corporation") shall be empowered, subject to
the provisions of this Act, to borrow money in any currency and on such terms and condi-
tions as the Board of the Corporation may deem necessary to carry out the Oso Conden-
sate Project (in this Act referred to as "the Project").

(2) In exercise of the power conferred on the Corporation pursuant to subsection (1)
of this section, the Corporation may borrow any amount of money whatsoever.

(3) For the purpose of giving effect to the provisions of this Act, the Corporation may
sue and be sued in its corporate name.

  1. Power to give security, etc.

(1) The Corporation may, for the propose of receiving any loan for the carrying into
effect of the Project, pledge any of the money, revenue, assets or may create escrow ac-
counts outside Nigeria from which shall be repaid capital and interest on any amount of
money received by the Corporation for the Project.

 (2) Notwithstanding any provision of any enactment, any obligation imposed upon the
Corporation, the receipt of any loan for the Project or in the exercise of the powers con-
ferred upon it by section 1 (1) and subsection (1) of this section shall be enforceable by
ordinary legal process, execution, attachment or any other process in the nature of at-
tachment.

(3) The provisions of subsection (1) of this section shall only apply to accounts and
assets set aside by the Corporation for the Project and shall not apply to any other account
or asset of the Corporation.

3. Power to enter into agreement

The Corporation may enter into any arrangement or agreement with any person (cor-
porate or unincorporate), or take any other action as it may deem necessary and appropri-
ate for the purpose of the Project or giving effect to the provisions of this Act.

4Interpretation

(1) In this Act, unless the context otherwise requires-

"Corporation" means the Nigerian National Petroleum Corporation established by
the Nigerian National Petroleum Corporation Act;

[Cap. N123.]

"Project" means the Oso Condensate Project which constitutes the development of
Oso field located in the area of Oil Mining Lease 70 in Offshore Eastern Nigeria, jointly
held in undivided shares by the Corporation and Mobil Oil Producing (Nigeria) Ltd.

5Short title

This Act may be cited as the Oso Condensate Project Act.

SUBSIDIARY LEGISLATION

                                                  No Subsidiary Legislation