The Nigerian government has approved Chevron’s eight-year-old request to renew licences for its operated OMLs 83, 85, 88, 89, 90, 91 and 95 for a period of 20 years
With the renewal of the licenses, the USA explorer is expected to proceed with its Agura Independent Power Plant (IPP) project. Chevron operates and holds a 40 per cent interest in the IPP.
The company said, “A final investment decision is pending conclusion of commercial agreements and renewal of offshore leases.”
In 2013, Chevron’s average net daily production in Nigeria was 233,000 bpd, 5.15mn cu/m of natural gas and 5,000 barrels of liquefied petroleum gas. It added that seven of the renewed acreages are among the 12 that the company operated in a 40-60 joint venture with the state-owned Nigerian National Petroleum Corporation (NNPC).
Chevron also has extensive interests in deepwater Nigeria, operating the Agbami Field, which is one of Nigeria’s largest deepwater discoveries.