By Energy Worth

One year after signing the tripartite term sheet for the financing and technical services arrangement between NNPC/FIRST E&P JV and Schlumberger for the Anyalu and Madu fields under Oil Mining Licence, OML 83 and OML 85, offshore Nigeria, a final nod was given to the package over the weekend in London with the execution of the final contractual agreement.

Under the agreement, global oil services giant, Schlumberger would provide $724.14m out of the required project cost of $1.082bn while the balance of $358.79m is to be funded with cash flows generated by the project.

The Anyala and Madu fields are projected to have 193 million barrels of crude oil and 0.637 trillion cubic feet of proven gas reserves with production plateau of 50, 000 barrels of oil per day and 120 million standard cubic feet of gas per day.

Read more...http://energyworthonline.com/2018/07/01/nnpc-first-ep-jv-conclude-724m-schlumberger-oil-finance-deal-nigeria-to-earn-5-60bn-in-taxes/