The Nigerian National Petroleum Corporation (NNPC) has said that a new financing and technical services pact between corporation, First E&P Joint Venture and Schlumberger for the Anyalu and Madu Oil Field will enable Nigeria generate about $5.60 billion taxes and royalties.
Though discussions had reached the final stage on the tripartite term sheet since last year, Group Managing Director of NNPC, Maikanti Baru, said the fields under Oil Mining Licence OML 83 and OML 85, offshore Nigeria, received a final nod at the weekend in London. Under the agreement, global oil services giant, Schlumberger, would provide $724.14 million out of the required project cost of $1.082 billion while the balance of $358.79 million is to be funded with cash flows generated by the project.
According to the GMD, the pact would enable the country to generate $5.60 billion in taxes and royalties and $1.32 billion in net cash flows after Schlumbergers cost recovery & compensation in line with the terms of the agreement.
The Anyala and Madu fields are projected to have 193 million barrels of crude oil and 0.637 trillion cubic feet of proven gas reserves with production plateau of 50,000 barrels of oil per day and 120 million standard cubic feet of gas per day.
(Guardian)
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