Nigeria Renews Three ExxonMobil Leases

Three of ExxonMobil’s shallow water oil leases in Nigeria have been renewed by the government. Originally awarded in 1968, the leases expired in November 2008. The renewal gives the US supermajor another 20 years on the acreage.

“Today we have reached an agreement on the terms of new leases that will go on for a further 20 years with an option to renew,” junior oil minister Odein Ajumogobia told reporters in the capital Abuja.

The Nigerian government has been renegotiating the terms of renewal on a host of expired leases operated by ExxonMobil, Shell, and Chevron.

http://www.petroleumafrica.com/read_article.php?NID=8693

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