A Review of the Nigerian Energy Industry

ExxonMobil signs 20-year Nigeria field leases

23 February 2012, Sweetcrude, ABUJA — Nigeria’s state-run oil company says Exxon Mobil Corporation has signed 20-year leases on three major oil fields in the country.

A statement Wednesday from the Nigerian National Petroleum Corp. said Exxon Mobil and the government reached a “mutually fair agreement” on the leases. The company said the fields produce about 500,000 barrels of oil a day after the work of Exxon Mobil there.

An Exxon Mobil spokesman in Nigeria could not be immediately reached for comment.

The announcement comes after strained negotiations between the government and Exxon Mobil.

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