Schlumberger Sign $700 Million Oil Deal

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A Houston, Texas-based company, Schlumberger have signed a deal with  Nigeria’s state owned oil company to provide $700 million for the development of two oil fields in the country.

The Nigerian Petroleum Corp (NNPC) on their website said, “the Anyala and Madu fields, estimated to have reserves of 193 MMbo and 800 billion scfg, will pump 50,000 bopd and 120 MMcfgd on completion of field development in early 2019.”

Schlumberger in a statement said “under the agreement, Schlumberger will contribute the required services in kind and capital for the project development until first oil.”

Asides from funding the company would also provide other oil-field services on a limited exclusive basis.

Nigeria, Africa’s biggest oil producer, is expanding its oil exploration and production toward reaching a proven reserves target of 40 billion bbl oil by 2020.

The country’s reserves are currently estimated at 37.2 billion bbl.

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