Continental Focus, International Reach

Schlumberger Teams Up with NNPC and FIRST E&P

Tuesday, July 4, 2017

Nigeria’s NNPC, FIRST Exploration & Production (FIRST E&P), and Schlumberger signed a tripartite agreement for development of the Anyala and Madu fields on OML 83 and OML 85, offshore Nigeria.

Under the agreement, Schlumberger will contribute the required services in-kind and capital for the project development until first oil. The joint project team will leverage the technical expertise of Schlumberger and the extensive local knowledge of the partners.

The Anyala and Madu fields are discoveries with a combined STOIIP of more than 450 million barrels and GIIP of more than 800 Bcf. First E&P holds a 40% interest in the licenses and is the operator of the asset; NNPC holds the remaining 60%.

The project will be developed with an existing FPSO and is designed to add 50,000 bpd of oil and 120 Mmscf/d of gas.

Project FID is expected to be made in December and first oil is expected in 2019. The investment in the project, phased over several years, is estimated at $700 million. The agreement is based on a guaranteed project return and includes a payment assurance bank facility.


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