NNPC, Agip Advance 500m-Barrel Deepwater Development Plans

The Nigerian National Petroleum Company Limited, NNPC Ltd. and the Nigerian Agip Exploration Limited, NAE, are advancing discussions on the development of deepwater assets estimated to hold 500 million barrels of  oil reserves.

The development followed a meeting between NNPC Ltd. Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, and NAE Vice Chairman and Managing Director, Mr Maurizio Pinna, in Abuja.

The discussions focused on ongoing work on deepwater acreage jointly held by NNPC Ltd., NAE and Shell Nigeria Exploration and Production Company, SNEPCo, as well as plans to bring the associated resources into production.

According to NNPC Ltd., the acreage comprises the Zabazaba and Etan deepwater fields, with estimated reserves of about 500 million barrels.

While details of the expected production timeline were not disclosed, the meeting underscores renewed industry focus on unlocking Nigeria’s deepwater resources and growing crude oil production.

The acreage comprises licences converted from OPL 245 and is operated by NAE in partnership with NNPC Ltd. and SNEPCo.

Ojulari and Pinna also reviewed the work currently underway on the assets and the expected production outlook, with the discussions centred on advancing deepwater development.

The engagement comes amid renewed efforts to attract investment into Nigeria’s offshore petroleum resources and increase national oil production.