Nigeria Wednesday renewed ExxonMobil licenses for another 20 years on three oil blocks which together produce 500,000 b/d.
The blocks are in oil mining leases 67, 68 and 70.
"I am delighted that after a somewhat lengthy process both parties, that the government and people of Nigeria and the Nigerian National Petroleum Corp. and ExxonMobil joint venture, have arrived at what they consider a mutually fair agreement in which to work together for another 20 years," oil minister Diezani Alison-Madueke said at the signing in Abuja Wednesday.
State-owned NNPC managing director Austin Oniwon said the government is likely to renew licenses held by Shell and Chevron in March.
Delays to the oil and gas reforms mean several expired licenses dating back to 2008 have not been renewed with foreign oil companies.
The blocks are located in the shallow water creeks in the Niger Delta.
Managing Director of ExxonMobil's Nigerian producing unit, Mark Ward, said the US firm remained committed to long-term investment in Nigeria.
