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Schlumberger to invest $700M in Nigeria project, national oil company says

Published 07/03/2017, 01:10 PM
© Reuters.  Schlumberger to invest $700M in Nigeria project, national oil company says
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  • 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.
  • Now read: McDermott wins new 0M credit agreement, could rise to B


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