Nigeria, Exxon Continue Talks

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Nigeria, the OPEC member and one of Africa's top two oil producers, is continuing discussions with Exxon Mobil, the largest U.S. oil company, regarding licenses for blocks 67, 68 and 70 and the country's government said Exxon's licenses for those blocks have not been revoked.

Last month, Nigeria was pressing Exxon Mobil (XOM) to make a decision on the three Niger Delta blocks, but the company said it had already been granted licenses. The exploration areas that were part of the dispute are in shallow water and have a combined capacity of more than 500,000 barrels per day, according to Reuters.

Nigeria added that it is also continuing discussions on expired licenses with Chevron (CVX), the second-largest U.S. oil company, and Royal Dutch Shell (RDS-A), the largest European oil company.

Exxon said in May that it acquired the lease licenses in 2009. Nigeria's government has had similar difficulties in the past regarding expired drilling licenses, leading to the lapse of agreements with Chevron and Shell.