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Shell, Chevron Oil Licenses Renewed by June

Source: Reuters 5/22/2012, Location: Africa

Nigeria expects to renew onshore oil licenses with U.S. firm Chevron and Royal Dutch Shell by June, its oil minister said, following Exxon Mobil's renewal in February worth trillions of dollars.

Shell, the biggest operator in Nigeria, has onshore assets that can produce 1 million barrels of crude oil per day. It is partnered in these projects by Nigeria's state-oil firm NNPC, Italy's Eni and France's Total.

"In order to show our commitment to a vibrant upstream sector we have started the renewal of leases in good faith renewals with Chevron and Shell are expected to be concluded by June at the latest," Diezani Alison-Madueke said in the capital Abuja.

Several onshore drilling licenses that expired as far back as 2008 have been in negotiations between foreign oil majors, Nigeria's state-oil firm and government for years. Exxon signed 20-year oil license renewals on Nigerian assets producing around 550,000 barrels per day in February.

The Nigerian government has been reluctant to sign new deals or renew old ones until the Petroleum Industry Bill (PIB), which is likely to increase royalties and taxes, becomes law. But the bill has been stuck in the assembly for years and has been subject to numerous delays and amendments, with no sign it could be passed soon, leaving major regulatory uncertainties.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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