Chevron hands over oil mining license to local firm

Chevron Nigeria Limited has concluded arrangement to hand over OML 55 operations to Belemaoil Producing Limited, thus making history as the first and only international oil company in Africa to so divest its participating interest in an oil mining lease to a local company from within its host community.

The chairman of the company, Jack-Rich Tein Jr. gave this hint in Abuja on Monday.

In the statement which reads in part, Jack-Rich Tein Jr. said: “My heart also goes to appreciate President Muhammadu Buhari, who is also the Minister of Petroleum. I wish to thank the Minister of State for Petroleum Resources Dr. Ibe Kachikwu, NNPC, DPR, NAPIMS and my entire community (OML55 Hosts Communities) for all their prayers and support.

“With the completion of this handover to Belemaoil, we can now focus on unlocking the full potentials in OML 55 by engaging our host communities to join Belemaoil in bringing about sustainable hitch free oil and gas exploration and production as Belemaoil is looking into providing the basic needs of its host communities.”

The chairman encouraged Niger Delta oil producing communities to support capacity development for unemployed Niger Delta youths and maintain peace in the region to attract more oil and none oil sector ventures.

He warned that no investor would wish to invest in an atmosphere devoid of peace and security.

According to him, Belemaoil has chosen Rivers State as its head office but Rivers people need to think of a better future for the unborn generation by encouraging tolerance, understanding and brotherly cohesion.

“Belemaoil is currently working with its overseas partners and the Department of Petroleum Resources (DPR) to launch a scalable floating power barge that will generate 650MW, a 300,000 barrels floating refinery and LOG unit to harness the over 2tscf of gas reserves in OML 55.”

 

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