Exxon Mobil (XOM) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Exxon Mobil (XOM)

XOM 117.23

+2.4%

Nov 7 9:30 AM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: TimF	11/23/2009 1:15:11 PM
	Read Replies (1) of 585

Exxon Gets Renewals of Leases in Nigeria By WILL CONNORS LAGOS, Nigeria -- Exxon Mobil Corp. ended months of negotiations with Nigeria by renewing three oil leases for fields the company operates in the country, an Exxon spokesman said. The three leases -- for sites that produce more than 550,000 barrels a day -- were extended for another 20 years with an option to renew, at a signing ceremony Friday in the capital, Abuja. Neither Exxon nor the Nigerian government provided details about the price paid for renewing the leases. A person close to the deal said the government had asked for about $4 billion for the leases, but that Exxon paid less than $1 billion. "Mobil Producing Nigeria, operator of its joint venture with the Nigerian National Petroleum Corporation, is pleased to confirm that it has reached agreement with the federal government of Nigeria on the long term renewal of the NNPC-MPN joint venture leases," an Exxon Mobil spokesman said in a statement. Nigerian officials didn't respond to requests to comment. Western oil companies work through joint ventures and production-sharing agreements with Nigerian National Petroleum Corp. A number of companies have oil leases expiring this year. Pending legislation would change the scope of the joint ventures by increasing tax and royalty rates on Western firms. That makes it crucial for oil companies to renew expiring leases before the bill -- currently before Nigeria's House of Representatives -- passes. For months, executives have been negotiating with officials from the Ministry of Petroleum. Chevron Corp. and Royal Dutch Shell PLC also have several leases expiring this month... online.wsj.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next