Nigeria Oil Moves

Schlumberger said a final investment decision is expected in December. Development will use an existing floating production, storage, and offloading vessel.

Schlumberger will contribute services in kind and an estimated $700 million for development until production starts.

The agreement is based on a guaranteed project return and includes a payment-assurance bank facility.

First E&P operates both licenses with 40% interests. NNPC holds the remaining interests.

The fields together have estimated oil initially in place of more than 450 million stb and gas initially in place exceeding 800 bcf.

First E&P acquired its interests in OML 83 and OML 85 from Chevron Corp. in 2015.