Nigeria’s state oil company agrees $700 million joint venture -NNPC

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Dr Maikanti Baru, Group Managing Director (GMD), NNPC

Nigeria’s state oil company said on Thursday it had agreed a joint venture to cover the more than $700 million cost of developing new oil fields in its southern Niger Delta energy hub.

The Nigerian National Petroleum Corporation (NNPC) said it had a tripartite agreement with local energy firm, First Exploration and Petroleum Development Company and international oil services company Schlumberger to develop the Anyala and Madu fields under Oil Mining Licence (OML) 83 and 85.

The OPEC member state has been seeking investment to increase its crude oil reserves to 40 billion barrels by the year 2020, up from the current proven reserves of 37.2 billion barrels.

NNPC, in an emailed statement, said under the agreement Schlumberger would provide the $700 million investment in developing the fields, which would add 193 million…

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