1. Henry Akinola B101 coursework assignment 1 Lecturer: C Nguyen Wall Street Article: Exxon Gets Renewals of Leases in Nigeria Author Will Connors

2. Relevant Notes of Article Oil In Lagos Nigeria Three Leases Produces over 550,000 Exxon Mobil Corp an American Oil & Gas Corp Western Oil Companies work through join ventures and production sharing agreements with NNPC Decision to renew leases where made in Nigeria's capital to for another 20 years Nigeria’s Government asked for 4billion renewing fee but Exxon paid less the 1 billion Nigeria imports more then 90% of its petroleum product Africa’s top oil producers Negotiation with Nigeria over three oil leases for the fields

3. Nigeria National Petroleum Corp (NNCP) Nigeria’s National Petroleum Corp (NNCP) is a major player in the industry of oil production. The NNCP and Exxon Mobil Corp have been in partnership for almost half a century. Exxon Mobil Corp is an American energy company that supplies energy for many countries worldwide. Exxon Mobil Corp where in talks with NNCP to renew their three leases for fields in the country that the company use to produce oil. After long negotiation talks the NNCP later decided to accept the offer Exxon Mobil Corp had proposed.

4. Terms and Conditions The Decision was made in the capital of Nigeria, Abuja at a signing ceremony where Exxon Mobil Corp was able to renew their leases for another 20 years with the option to renew. Nigerian government had a higher asking price for the leases at 4billion but gave in at a price less then 1 billion.

5. Competition Several energy companies such as Chevron Corp and Royal Dutch Shell have yet to renew their leases in Nigeria that are soon to expire. Currently Chevron Corp an energy company based in America California and is active in more then 180 countries worldwide are in talk with the Nigerian government on renewing their leases.

6. Oil Production In Nigeria Nigeria is Africa’s largest oil producer it produces over 550,000 barrels of oil a day for Exxon Mobil Corp alone. According to U.S. United States Energy Information Administration Nigeria is the tenth most petroleum-rich nation producing over 3million barrels of oil per day. Figures show that Exxon Mobil Corp invests in less then twenty percent of Nigerians daily amount of oil production.

7. Referencing Exxon Gets Renewals of Leases in Nigeria. (2009). Retrieved November, 22, 2009. From the Wall Street Journal website: http://online.wsj.com/article/SB125876783700458477.html http://online.wsj.com/article/SB125876783700458477.html ExxonMobil. (n.d). Retrieved November, 22, 2009. From the Wikipedia website:http://en.wikipedia.org/wiki/ExxonMobilhttp://en.wikipedia.org/wiki/ExxonMobil Energy Statistics > Oil > Consumption (most recent) by country. (2007). Retrieved November, 23, 2009. Fromhttp://www.nationmaster.com/graph/ene_oil_con-energy-oil- consumptionhttp://www.nationmaster.com/graph/ene_oil_con-energy-oil- consumption Chevron Corporation. (n.d). Retrieved November, 23, 2009.From the Wikipedia website:http://en.wikipedia.org/wiki/Chevron_corphttp://en.wikipedia.org/wiki/Chevron_corp Petroleum industry in Nigeria. (n.d). Retrieved November, 23, 2009. From the Wikipedia website:http://en.wikipedia.org/wiki/Nigeria_oilhttp://en.wikipedia.org/wiki/Nigeria_oil