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Schlumberger to invest $700M in Nigeria project, national

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eFinanceMarkets   Tuesday, 07/04/17 09:17:19 AM
Re: ITMS post# 175
Post # of 197 
Schlumberger to invest $700M in Nigeria project, national oil company says

Schlumberger (NYSE:SLB) has agreed to invest $700M in development of new oil fields offshore Nigeria under a tripartite pact with a joint venture involving state-owned Nigerian National Petroleum Corp., according to the Nigerian state oil company.

Nigeria expects the fields to yield 50K bbl/day of oil and 120M cf/day of natural gas by early 2019, and add 193M barrels of crude and 800B cf of gas to current reserves.

Nigeria has been seeking investment to increase its crude oil reserves to 40B barrels by 2020, up from the current proven reserves of 37.2B barrels.

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