Oil and gas exploration company Africa Oil Corp. has been granted a license extension for Petroleum Mining Lease 52 (PML 52) by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The extension covers an additional 20 years of activities.
Recognized for its premium, light crude output, PML 52 includes a 62.46% interest in the offshore Agbami field. The Agbami field achieved a peak production rate of 250,000 barrels per day (bpd) in 2009 and averaged around 98,000 bpd in 2023.
According to Africa Oil Corp. CEO Roger Tucker, this extension builds on the 20-year renewals for the Akpo, Egina and Preowei licenses secured last year. “With respective 20-year renewals for each of these fields, our long-term production outlook from these high-quality assets is secure,” he added.
