ExxonMobil Nigeria has pledged to maintain a sizable Deepwater presence in Nigeria for the following 20 years in order to maximise the potential value of its renewed Oil Mining Leases (OMLs)
Adesua Dozie, ExxonMobil Nigeria's Execute Director and General Counsel, made the information public on Sunday in Abuja.
The Nigerian National Petroleum Company Limited (NNPC Ltd) and its OML partners signed fully terminable agreements for renegotiated Production Sharing Contracts on Friday (PSCs).
The lengthy conflict between NNPC Ltd. and the Contractor Parties in OMLs 125, 128, 130, 132, and 133, as well as 138 PSCs, will be resolved due to the renegotiations.
ExxonMobil Nigeria's OMLs 133 (Erha) and 138 (Usan) deep-water leases were extended for an additional 20 years due to this development.
The NNPC Ltd. was given the legal authority by the Petroleum Industry Act (PIA) 2021 to renegotiate all of its current PSCs in accordance with the new Act's terms within a year.
After many years of litigation, the General Counsel said that the renewed agreements were a terrific and exciting transaction that would attract more investments and promote economic progress.
She highlighted her happiness with the execution of PIA 2021, which acknowledged the potential and future of Nigeria's deepwater industry.
“As for my company, what this means is significant deep water presence for our company in Nigeria for the next 20 years,” she said.
The business stated on Twitter under the account @Exxonmobil -NG that its deep-water OMLs 133 (Erha) and 138 (Usan) licences would be extended for an additional 20 years.
“This includes extensions of Production Sharing Contracts with our partner NNPC Ltd.
“These renewals validate ExxonMobil Nigeria’s earlier commitment to maintaining a significant deep-water presence in Nigeria, via Esso Exploration and Production Nigeria (Deepwater) Limited (EEPNL),” the company said.
Capital Oil is a petroleum company founded in 2001.The company operates in the d...LEARN MORE
Exxon, an American Corporation, originally founded Oando in 1956 as Esso Africa....LEARN MORE
Anino International Plc manufactures and markets a range of nutritional suppleme...LEARN MORE
Eterna plc was incorporated on the 13th of January 1989 as Eterna Oil & Gas ...LEARN MORE