The Nigerian National Petroleum Corporation has agreed to four (4) new funding arrangements with four foreign partners to develop new oil fields in the Niger Delta that will substantially increase Nigerian reserves and daily production.
The first of the arrangement is with the US major Chevron Corp., which is for the development of two offshore oil blocks OMLs 91 and 91 and is expected to add 211 million barrels of oil and 1.9 Tcf of gas to Nigerian reserves, and potential output of 30,000 b/d of oil equivalent.
The second agreement was signed with the Shell, Total and Eni joint venture partnership for the development of several onshore and offshore oil fields that had long been delayed due to a lack of funds.
The third agreement was signed with First Exploration and Production and Schlumberger to provide $700 million to develop two shallow water fields that will add 50,000 b/d of crude to Nigeria’s output.
Finally, the federal government of Nigeria also negotiated a deal with NNPC partners, Shell, ExxonMobil and Chevron, for the repayment of over $6 billion debt owed to the companies for funding oil and gas projects.
