LONDON – Schlumberger has signed a tripartite agreement with Nigerian National Petroleum Corp. (NNPC) and FIRST Exploration & Production (First E&P) to develop the Anyala and Madu fields offshore Nigeria.
Under the agreement, Schlumberger will provide technical services in kind and capital until first oil.
The surrounding OML 83 and OML 85 leases are in shallow water, 40 km (25 mi) offshore in the Niger Delta. Anyala and Madu have combined in-place reserves of more than 450 MMbbl and in-place gas of over 800 bcf.
First E&P has a 40% operated interest in both leases, the remainder held by NNPC.
The project will feature an existing FPSO, with capacity to add 50,000 b/d of oil and 120 MMcf/d of gas. Schlumberger anticipates a final investment decision in December followed by first oil in 2019.
Total investment, phased over several years, should be $700 million. The agreement is based on a guaranteed project return and includes a payment assurance bank facility.