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HomeTop NewsNigeria Earns $665 Mln Fees From Oil Blocks Licences Renewal~ ExxonMobil

Nigeria Earns $665 Mln Fees From Oil Blocks Licences Renewal~ ExxonMobil

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Nigeria earned a total of $665 million in fees from the renewal of licences for three oil blocks by Mobil Producing Nigeria, according to a letter by the energy firm.
The local unit of American oil giant said it paid the amount to the coffer of the for the renewal of the Oil Mining Leases 67, 68 and 70.
Nigeria government is in court over allegations that some International Oil Companies (IOC) operating in the country are owing the country huge unpaid bonus, royalty and renewal fees.
In a July 15, 2019 letter to the Special Presidential Investigation Panel for the Recovery of Public Property, ExxonMobil stated that it made full payment for oil blocks’ renewal in 2009.
A petition by Femi Falana, a human right lawyer had accused ExxonMobil of shortchanging the country on the oil blocks licences renewal fees.
The lawyer said the oil company only paid about $600 million out of the payable renewal fees of $2.5 billion for the three oil blocks.
The oil company has, however, consistently denied the allegations of indebtedness to the country in a series of letters to the investigative panel.
ExxonMobil said the $665 million it paid for the Oil Mining Leases 67, 68 and 70 was the full payment in line with the agreement reached with the DPR and the NNPC.

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