The Nigeria National Petroleum Corporation (NNPC) says it has agreed to cover more than 700 million dollars for developing new oil fields in the southern Niger Delta energy hub.

NNPC had a tripartite agreement with local energy firm first exploration and Petroleum Development Company as well as International Oil Servicing Company, Schlumberger to develop the Anyala and Madu fields under the oil mining licence.

Schlumberger would provide over 700 million dollars development cost of the fields, which would generate 193 million barrels of crude oil into the current reserves of 37.2 billion barrels.

About 800 billion cubic feet of gas is also expected to be generated for the nation’s proven gas reserves, which currently stands at 197 trillion cubic feet.

Source: Channels TV

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