07:00 AM EDT, 11/01/2024 (MT Newswires) -- Africa Oil ( AOIFF ) on Friday said the Nigerian Upstream Petroleum Regulatory Commission renewed for 20 years the company's petroleum mining lease containing the Agbami field.

The Petroleum Mining Lease 52 is operated by affiliates of Chevron and covers 63% of the producing Agbami field. Production began in June 2008 and peak gross field production of 250,000 barrels of oil per day was reached in 2009.

Prime Oil & Gas, which is 50%-owned by Africa Oil ( AOIFF ), has an 8% ownership in Petroleum Mining Lease 52. The operator is Chevron with a 32% interest while Famfa Oil holds 60%.

Upon completion of an amalgamation transaction at Prime, Africa Oil ( AOIFF ) will have a 100% shareholding in Prime.

"The renewal of PML 52 follows last year's renewal of the licenses for Prime's Akpo, Egina and Preowei fields," said Africa Oil ( AOIFF ) CEO Roger Tucker. "With respective 20-year renewals for each of these fields, our long-term production outlook from these high quality assets is secure."