President Buhari Approves Renewal Of 3 Oil Mining Licences

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President Buhari
President Buhari

President Muhammadu Buhari has given consent for the renewal of three Oil Mining Licences (OML) belonging to oil and gas firm, Seplat Petroleum Development Company Plc.

A disclosure sent to the Nigerian Stock Exchange (NSE) on Thursday said the president gave consent for the renewal of the three licences––OMLs 4, 38 and 41–to a new expiry date of 21 October 2038.

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Mr. Buhari, who is also Nigeria’s Petroleum Minister, gave the approval after the company paid a renewal bonus of $25.9 million, the source said.

Seplat Petroleum Development Company is a Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange.

According to the disclosure, signed by Roger Brown, Seplat’s Chief Financial Officer, the company holds 45 per cent working interest in OMLs 4, 38 and 41.

Mr. Brown added that in the first nine months of 2018, production from the licences accounted for 92 per cent of Seplat’s total oil production and 100 per cent of Seplat’s gas production.

“In connection with the licence renewal Seplat has paid in full a Renewal Bonus of US$25.9 million, thus ensuring all conditions for license renewal have been met,” the disclosure said.

“The Company is now working with the Department of Petroleum Resources to obtain the updated title deeds in connection with the renewal.”

Mr. Austin Avuru, Seplat’s Chief Executive Officer, assured that after the renewal, the company would now invest in the Nigerian oil and gas industry with confidence.

“We are delighted to have concluded the early renewal of our core producing licenses, OMLs 4, 38 and 41,” he was quoted to have said.

“With the extension of the license to 2038 secured, we can now invest with confidence long into the future as we seek to further realise the full oil and gas potential of the licenses and continue to deliver value to all of our stakeholders.”