The federal government will conclude renewal of all the expired oil mining leases with the international oil companies by the end of March. Three of such contracts were renewed yesterday by Federal Government which include oil mining lease 67, 68 and 70 of the Nigerian National Petroleum Corporation and Mobil Producing Nigeria joint venture spanning the next 20 years. The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Engineer Austen Oniwon said yesterday that there is no need to wait for the Petroleum Industry Bill to be passed before the renewal of the mining leases. He said when the new law came in, the agreements will switch over. The oil leases expired in December 2008 but the renewal of the contracts was stalled by the expectation of the passage of the PIB has also contributed to the delay in the renewal of the contracts.
DailyTrust