Oil production: More leases to be renewed

The Federal Government has said it will renew more oil licences held by the oil majors, particularly those under joint venture, JV, operations with the Nigerian National Petroleum Corporation, NNPC, in the months ahead.
The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, gave the hint, yesterday, in Abuja when she signed the renewal leases for oil mining leases, OMLs 67, 68 and 70, under the NNPC/Mobil Producing Nigeria JV for a period of 20 years.

The blocks had earlier entered into controversy between the oil majors and the minister, who cancelled the renewal earlier approved by her predecessor, Mr. Odein Ajumogobia, in 2009, on the grounds that the American oil firm did not pay the requisite renewal fees for them.
Madueke said government was committed to the growth and development of the oil and gas industry, adding that the leases renewal marked another milestone in the country’s hydrocarbon industry.
But speaking later at the ongoing NOG 2012 International Conference and Exhibition, the JV partners, represented by their chief executives, tasked government on clarity of policies.
Source