NNPC, First E&P, Schlumberger sign deal to develop offshore fields in Nigeria
Nigerian National Petroleum Corporation (NNPC), First Exploration & Production (First E&P) and Schlumberger have signed an agreement to develop the Anyala and Madu fields under OML 83 and OML 85 in offshore Nigeria.
Under the agreement, Schlumberger will provide services, both in terms of kind and capital, for the project development until first oil.
The joint project team will benefit from the technical expertise of Schlumberger and the local knowledge of the other partners.
OML 83 and OML 85 fields are located in shallow waters, 40km offshore in the Niger Delta.
The Anyala and Madu fields come with a combined STOIIP of more than 450 million barrels of oil and a GIIP of more than 800 billion square cubic feet.
First E&P has a 40% stake in the licences and is the operator of the asset, while NNPC holds the remaining 60% equity.
Developed with an existing FPSO, the project is designed to add 50,000bpd of oil a day and 120 million square cubic feet of gas a day.
The final investment decision on the project is expected in December this year, with first oil production in 2019.
Investment required for the project is estimated to be $700m.