Schlumberger signs $700 million Nigerian oil deal

Schlumberger signs $700 million Nigerian oil deal

Schlumberger has signed a US$700 million deal with the state-owned Nigerian oil company to develop two oilfields in the West African country.

The world’s largest oilfield services companies will supply the services and capital, in partnership with Nigerian National Petroleum Corporation (NNPC) and FIRST Exploration & Production, to develop the Anyala and Madu fields until first production.

The fields, estimated to have reserves of 193 million barrels of crude and 800 billion standard cubic feet of gas, will pump 50,000 barrels of oil and 120 million standard cubic feet of gas per day when completed in early 2019, according to an NNPC statement.

“Apart from providing funding for the development of the fields, Schlumberger would also provide other oil-field services on a limited exclusive basis,” NNPC said in the statement.

Nigeria, Africa’s biggest oil producer, is expanding oil exploration and production toward reaching a proven reserves target of 40 billion barrels per day by 2020. The country’s reserves are currently estimated at 37.2 billion barrels.