Statoil Eyes Nigeria’s Growing Gas Market with Planned $10bn Investment

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Statoil, an oil and gas multinational, is keen to further consolidate its position in the Nigerian oil and gas industry with a fresh investment of $10 billion. It plans to invest heavily in oil and gas offshore fields in a bid to meet the growing demand for gas-powered energy.

“In another 10 years, I don’t think people will depend on petroleum anymore because we have gas. Because of the hazards of petroleum, people are now tilting towards gas, which deposits are in surplus within our territorial waters,” Lars Christian Bacher, the Executive Vice President, Development and Production International, Statoil, stated.

Statoil revealed that it hopes to see significant progress in the development of 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.

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.

 

 

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