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Nigeria Resolves Exxon Oil License Dispute

Source: Reuters 5/25/2011, Location: Africa

Nigeria is making progress towards resolving a dispute with U.S. energy giant Exxon Mobil over oil licensing renewals covering fields producing more than 500,000 barrels per day (bpd), the state oil firm said.

Exxon said it signed agreements in 2009 with the Nigerian government for the long-term renewal of licenses OML 67, 68 and 70, which it operates as part of a joint venture with state-run Nigerian National Petroleum Corp (NNPC).

The Nigerian government has said these licenses are invalid and Exxon needs to express a new interest in acquiring leases for these blocks. An NNPC spokesman said on Wednesday the oil major had now done this.

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