Nigeria says resolving Exxon oil license dispute

Reuters

25 May 2011

Nigeria says resolving Exxon oil license dispute 

ABUJA May 25 (Reuters) - Nigeria is making progress towards resolving a dispute with U.S. energy giant Exxon Mobil (XOM.N) over oil licensing renewals covering fields producing more than 500,000 barrels per day (bpd), the state oil firm said.

Exxon said last week it signed agreements in 2009 with the Nigerian government for the long-term renewal of licenses OML 67, 68 and 70, which it operates as part of a joint venture with state-run Nigerian National Petroleum Corp (NNPC).

The Nigerian government has said these licenses are invalid and Exxon needs to express a new interest in acquiring leases for these blocks. An NNPC spokesman said on Wednesday the oil major had now done this.

"We are on track," the spokesman told Reuters when asked about resolving the dispute.