FG renews Chevron ’ s offshore licenses • Set to take FID on Agura Power Plant The Federal Government has finally approved Chevron’ s eight year old request for renewal of licences for its operated Oil Mining Leases ( OMLs ) 83 , 85 , 88 , 89 , 90 , 91 and 95 , for a term of 20 years. The earlier , 40 year licences expired in December 2008 . Chevron has battled to have these acreages renewed since 2006 . Daily Independent learnt that two immediate implications of this are that ( one factor delaying the sanction of the Agura Independent Power Plant project has been removed . Chevron operates and holds a 40 % interest in this IPP ( Phase 1: 330MW ) . The company declares in its data sheet: “ A final investment decision is pending conclusion of commercial agreements and renewal of offshore leases . ” Secondly , the purchase of Chevron ’ s 40 % equity in OMLs 83 and 85 by the Nigerian independent First E & P , can now go forward.
Posted on: Tue, 27 Jan 2015 06:08:44 +0000
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