Schlumberger in Nigeria tripartite deal

HOUSTON, June 30, 2017 – On June 29, NNPC entered into an agreement FIRST Exploration & Production and Schlumberger to help develop the offshore Anyalu and Madu fields.

Located in Oil Mining Licences 83 and 85, respectively, the development project for the fields is expected to require an investment of some USD 700 million.

The two assets, located about 40 kilometres offshore, have a combined stock tank original oil-in-place of more than 450 million barrels. The levels of gas initially in place are estimated in excess of 22.7 bcm (800 bcf).

The three parties aim to achieve first oil in 2019. Production levels are projected to be in the range of 50,000 bopd and 3.4 mcm (120 mcf) of natural gas per day. A final investment decision on the project, which will feature an FPSO, is expected in December 2017.

Forty-percent shareholder First E&P is the operator, with NNPC holding the remaining 60%.

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