Nigeria approves three-year extension to Ogo partners

Optimum Petroleum and Lekoil, partners in the Ogo discovery located in OPL 310 block offshore Nigeria, have been granted a three-year extension of the license from the country’s authorities.

Lekoil informed on Friday that, pursuant to a letter dated September 4, 2019, the Federal Government of Nigeria and the Ministry of Petroleum Resources had approved the extension of OPL 310’s exploration license for three years.

This is subject to the holders of the license paying an extension fee of $7.5 million within 90 days effective from August 2, 2019, according to Lekoil.

Lekoil expects to fund 100 percent of the license fee from a mix of existing financial resources and a potential funding partner as previously reported at the end of August 2019.

Both Optimum Petroleum Development Company and Lekoil Nigeria Limited (acting through its wholly owned subsidiary, Mayfair Assets and Trust Limited) have agreed to progress the appraisal of the block and subsequent conversion to an Oil Mining License (OML) at the end of the exploration period, as soon as practicable.

Following a successful appraisal, a full field development (FFD) program will be undertaken for which Lekoil and Optimum are in advanced discussions with a potential funding partner.

Lekan Akinyanmi, Lekoil CEO, commented, “We are pleased to be working efficiently with Optimum and the Nigerian Department of Petroleum Resources to ensure timely approvals for our upcoming drilling and work program(s) and we now look forward to unlocking significant value from the asset for all stakeholders, who we thank for their continued patience and support through this prolonged process.”


Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply