Schlumberger signs $700m oil field deal in Nigeria

The Nigerian National Petroleum Corporation (NNPC) said it has signed a deal with Schlumberger to provide $700 million for the development of two oil fields in the country’s crude-rich southern part of the country.
According to NNPC in a statement published on its website, the Anyala and Madu fields, estimated to have reserves of 193 MMbo and 800 billion scfg, will pump 50,000 bopd and 120 MMcfgd on completion of field development in early 2019.
“Under the agreement, Schlumberger will contribute the required services in kind and capital for the project development until first oil,” the Houston, Texas-based company said in a statement.
The offshore fields, also known as oil-mining leases 83 and 85, are owned 60% by NNPC and 40% by Lagos-based First Exploration & Production, which is also the operator of the joint venture. “Apart from providing funding for the development of the fields, Schlumberger would also provide other oil-field services on a limited exclusive basis,” NNPC said in the statement.
Nigeria, Africa’s biggest oil producer, is expanding oil exploration and production toward reaching a proven reserves target of 40 billion bbl oil by 2020. The reserves of the country are currently estimated at 37.2 billion bbl.
APC says President Buhari fast recovering in London hospital
• Refuses to join issues with Fayose on President’s health condition
The All Progressives Congress (APC) says President Muhammadu Buhari is fast recovering from his illness contrary to allegations that he is on life support.
The National Chairman of the party, Chief John Odigie-Oyegun, gave the assurance in Abuja while speaking with newsmen at the end of a meeting between the party`s National Working Committee (NWC) and state governors elected on the party’s platform.
“We are glad to inform you that President Muhammadu Buhari is recovering in a very robust manner.
“We hope he takes it easy and when he comes back, I have no doubt at all that we will have a new and active period of activities.’’
He, however, said only the president’s doctors abroad could decide when he would be fit to return to the country.
Gov. Ayodele Fayose of Ekiti State had recently alleged that President Buhari was on life-support in a London Hospital where he is receiving medical attention.
The national chairman, however, refused to respond to the governor’s comment, saying he would do that at an appropriate time.
“If I respond, I will be dignifying him.
“At the appropriate time, people will answer him; at the appropriate level; at the appropriate time.
“He is in a different world altogether.’’
According to him, the party’s leadership has confidence in President Buhari.
He added that the meeting x-rayed the nation, ongoing agitation for its restructuring and inciting statements emanating from different parts of the country.
Odigie-Oyegun stressed that such inciting statements are not good “for the nation`s health and have to be stopped’’.
According to him, the party maintains its earlier position on the restructuring of the country as clearly stated in its manifesto.
He further said the party’s leadership would do all it could at all times to ensure that the unity of the country was preserved.
He added that the APC leadership was ready to listen to whatever grievances any group in the country might have