The Nigerian Upstream Petroleum Regulatory Commission has renewed Petroleum Mining Lease (PML) 52, which contains the Agbami oil field, for another 20 years, effective November 24, 2024. Operated primarily by Chevron affiliates, PML 52 covers approximately 62.5% of the Agbami field, a light oil discovery made in 1998. The field, known for its high-quality oil with 45-47° API gravity, is developed through subsea wells connected to an FPSO vessel.
Production at Agbami began in 2008, reaching a peak output of 250,000 barrels per day in 2009. By the end of 2023, the field had 30 production wells, five gas injectors, and 10 water injectors in operation, with an average daily production of around 98,000 barrels last year.
Prime Oil & Gas Coöperatief holds an 8% stake in PML 52, with Chevron at 32% and Famfa Oil as the major concessionaire holding 60%. Africa Oil Corp., with a 50% stake in Prime, will gain full ownership of Prime upon the completion of a planned acquisition.
