Nigeria has signed a deal with Schlumberger to give $700 million for development of two oil fields in the South South region.
According to reports the two oil fields in Anyala and Madu, have 193 million barrels of crude reserve and 800 billion standard cubic feet of gas.
The Nigerian National Petroleum Corporation (NNPC), says that after completion, early 2019, it will pump 50,000 barrels of oil and 120 million standard cubic feet of gas daily.
“Under the agreement,” the Houston, Texas-based company said, “Schlumberger will contribute the required services in kind and capital for the project development until first oil.”
Known as oil-mining leases 83 and 85, the offshore oil fields are owned, 60 percent by NNPC and 40 percent by Lagos-based First Exploration and Production – the operator of the joint venture.
The NNPC in a statement, said that, “Apart from providing funding for the development of the fields, Schlumberger would also provide other oil-field services on a limited exclusive basis.”
Nigeria’s current reserves are at 37.2 billion barrels and it is expecting to 40 billion barrels daily – a major reason it is expanding exploration across the country.