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Texaco fuel card news: Chevron 'certain to extend Nigeria oil leases'

27 January, 10
Texaco fuel card users have learned that the firm's parent company is reportedly certain to extend its oil licences in Nigeria.

Speculation has been rife that talks between Chevron and other oil giants such as Royal Dutch Shell have stalled due to the continued absence of the country's president Umaru Yar'Adua, who is being treated for a heart condition in a Saudi Arabian hospital.

However, government officials have claimed that the leases will be renewed in the near future.

"Shell and Chevron have some outstanding issues they're trying to resolve, but definitely the renewal is sure," Emmanuel Egbogah, special adviser to the president on petroleum matters, told Dow Jones Newswires.

He continued: "We're quite confident that there's not going to be a problem of non-renewal."

Despite this claim, an unnamed oil expert told AFP earlier this week that energy giants would be unwilling to invest in Nigeria without speaking to the president.

The source added that the industry is "totally aligned" on the matter.

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Posted by Sean WebbADNFCR-2675-ID-19582260-ADNFCR

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Texaco fuel card news: Chevron 'certain to extend Nigeria oil leases'