Africa Oil Corp (TSX:AOI) announced that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has renewed Petroleum Mining Lease 52 (PML 52) for 20 years.
PML 52, operated by Chevron affiliates, covers 62.46% of the Agbami field, a prolific offshore asset known for its high-quality, light oil production.
Discovered in 1998, the Agbami field reached a peak output of 250,000 barrels per day in 2009, with average daily production in 2023 at approximately 98,000 barrels.
Africa Oil owns 50% of Prime Oil & Gas Coöperatief U.A., which holds an 8% interest in PML 52.
The company anticipates acquiring 100% ownership of Prime in early 2024, pending regulatory approvals and restructuring.
"The renewal of PML 52 follows last year's renewal of the licenses for Prime's Akpo, Egina and Preowei fields,” Africa Oil CEO Dr Roger Tucker said in a statement.
“With respective 20-year renewals for each of these fields, our long-term production outlook from these high-quality assets is secure. We thank NUPRC for its efficient processing of the application and issuing the renewal.”