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Statoil votes $10b deal for Nnwa-Doro deep offshore, Agbami fields

Key investor in Nigeria’s oil and gas industry, Statoil Group is currently increasing its investment in Nigeria with more than $10 billion in energy and natural gas supplies.

The company said the drive would further speed up the undeveloped Nnwa-Doro deep offshore field, raise more stakes in Agbami field and also investigate the potential of other oil and gas fields in the country.

Currently, Agbami field has an average daily equity production of 48,000 barrels of oil per day and total field reserves estimated at one billion barrels of oil equivalent, utilising one of the world’s largest floating production, storage and offloading vessels.

Statoil said  the Nnwa-Doro deep offshore fields when fully developed could lead to billions of dollars of future development in Nigeria, improve access to energy and catalyse economic development.

Giving insights during the company’s 25th anniversary dinner celebration, the Executive Vice President, Development and Production International, Statoil, Lars Christian Bacher, renewed the group’s commitment to grow investments in the oil and gas sector.

According to him, Nigeria’s biggest deepwater field- Agbami, which is located 110 kilometers off the Nigerian coastline, represents a key asset in Statoil’s international portfolio.

On the feats so far achieved in Nigeria, Bacher said within its two exploration licences- OMLS 128 and 129 with a 53.85 per cent share, six wells have been drilled in both, with two discoveries made.

Continuing, he said “Statoil’s success in Nigeria is underpinned by its sustainability work, ensuring that the company acts as a responsible investor and is proactive in improving opportunities for the communities where it engages”.

“For 20 years, Statoil has supported the Akassa Community in Beyelsa State through the Akassa Development Foundation (ADF) project, which draws on substantial local involvement and participation in both the planning and execution of the project.”

In his remarks, the Speaker of the House of Representatives, Yakubu Dogara, who was represented by the Chairman, House Committee on Petroleum Upstream, Victor Nwokolo, advised the multinational company to tilt their investments towards gas exploration, saying, “In another 10 years, I don’t think people will depend on petroleum anymore because we have gas”.