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Monday, July 29, 2019
NNPC, Nigeria’s state-run oil and gas firm, signed a Financing and Technical Services Agreement between Sterling Oil Exploration and Energy Production Company Ltd. (SEEPCO) and NNPC’s E&P unit, NPDC. The agreement is for the development of OML 13.
The deal is intended to help boost the nation’s crude oil reserves and daily oil production to 3 million bpd.
Group Managing Director of NNPC, Mele Kyari, said the acreage had over 926 million stock tank barrels (mmstb) and 5.24 Tcf of oil and gas reserves, respectively. The NNPC boss added that the agreement with SEEPCO was for a period of 15 years while the $3.15 billion ceiling funding would be provided by SEEPCO with a 10-year capital investment period and five years for cost recovery.
First oil of about 7,900 bpd, is expected from the project by Q2 2020, while production is expected to peak at 94,000 bpd and 542 Mmscf/d within four years.
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