ABN – Chevron’s (NYSE: CVX) eight year old request to renew its Nigerian licences has finally been approved by the country’s federal government.
The operated Oil Mining Leases 83, 85, 88, 89, 90, 91 and 95 have all been renewed for a further 20 years.
Since 2006 the energy corporation has been battling to have the leases renewed and it is now expected to proceed with its Agura Independent Power Plant project.
The renewed licences also allow the company to finalise the sale of its 40% interest in OMLS 83 and 85 to First E&P.
Chevron said in a statement: “A final investment decision is pending conclusion of commercial agreements and renewal of offshore leases.”