Africa Oil Corp. renews Nigerian lease
The Nigerian Upstream Petroleum Regulatory Commission has renewed Petroleum Mining Lease 52, containing the Agbami field, with Africa Oil Corp. for a period of 20 years effective 24 November 2024.
PML 52 is operated by affiliates of Chevron and covers 62.46% of the producing Agbami field. This field was discovered by well Agbami-1 in 1998. The oil is light with a gravity of 45° to 47° API. The field is developed via sub-sea wells tied back to a dedicated FPSO vessel through steel catenary risers.
Production commenced in June 2008 and peak gross field production of 250,000 barrels of oil per day (bopd) was attained in 2009. As of 31 December 2023, 30 producers, five gas injectors and 10 water injectors had been drilled. Field average oil production rate in 2023 was about 98,000 bopd.
Prime Oil & Gas Coöperatief has an 8% ownership in PML 52. The operator is Chevron with a 32% interest. Famfa oil is the concessionaire on the production sharing agreement and holds a 60% interest in PML 52. Africa Oil has a 50% shareholding in Prime and on the completion of the Prime amalgamation transaction will have a 100% shareholding in Prime.
