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ExxonMobil’s OMLs 133, 138 pacts to unlock $500bn for Nigeria

ExxonMobil Nigeria and the Nigerian National Petroleum Company Limited, on Friday, announced renewals of OMLs 133 (Erha) and 138 (Usan) deepwater leases for a further 20-year period.

 

During a signing ceremony at the #NNPCTowers in Abuja, the parties renewed their agreements in five Oil Mining Leases (OMLs 128, 130,132, 133, and 138). Speaking on the deal, ExxonMobil in tweets on its official Twitter handle: @ ExxonMobil_NG, wrote: “We are pleased to announce the renewals of our OMLs 133 (Erha) and 138 (Usan) deepwater leases for a further 20–year period.

 

This includes extensions of Production Sharing Contracts with our partner NNPC Limited. “These renewals validate @Exxon- Mobil_NG earlier commitment to maintaining a significant deepwater presence in Nigeria, via Esso Exploration and Production Nigeria (Deepwater) Limited.

 

“These are among the first post-Petroleum Industry Act deepwater lease renewals, and we applaud the @FMPRng Ministry of Petroleum Resources, the @ NUPRCNigeria and @nnpclimited for providing the focused leadership and partnership that has led to this achievement.

 

It added that the agreement validated earlier commitment to maintaining a significant deepwater presence in Nigeria via Esso Exploration and Production Nigeria (Deepwater) Limited.

 

It cited that the lease extension is among the first post-Petroleum Industry Act deepwater lease renewals, and applauded the FG for providing the focused leadership and partnership that has led to this achievement.

 

“Further, these extensions enable us and our partners to unlock the potential value in these OMLs and to bring forward additional investment,” it noted.

 

NNPC was quoted to have said the development is a major step towards boosting Nigeria’s crude production and unlocking investments in the deepwater space post-Petroleum Industry Act (PIA) enactment, citing that NNPC Ltd and its Production Sharing Contracts (PSCs) Contractors have resolved their disputes & signed renewed PSCs.

 

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