Oil Mining Licences renewals in Nigeria

Oil Mining Licences renewals in Nigeria

The Federal Government is to renew the Oil Mining Licences (OMLs) for Shell Petroleum Development Company Limited (SPDC) and Chevron Nigeria Limited next month.
Also in the same month, the Federal Government would, for the first time in the President Goodluck Jonathan’s administration, kick off a new round of bidding for the award of Nigeria’s marginal oil fields to interested Nigerian companies,
Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, who disclosed this yesterday in Abuja at the “Ministerial Platform” in commemoration of Nigeria’s Democracy Day, said the planned renewals would be a follow-up to the ones carried out recently in favour of ExxonMobil.
She said: “In order to ensure our commitment in the vibrant upstream sector, we have had to provide security for investors and we have started the renewal of leases in good faith; firstly with the NNPC/Mobil Producing Nigeria joint venture which was done a couple of months ago in respect of OMLs 67, 78 and 70 in our shallow waters. Other renewals which have to do with Chevron and Shell are expected to be concluded by June at the latest.”

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