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OML 118 Dispute: Kyari’s leadership and Nigeria’s next billion barrels, By Momodu Abutu
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Mother Nature has a way of depositing its vast treasures wherever it pleases. In the wonderful world of hydrocarbons, these resources are either placed onshore (on land) or offshore (in water). Beneath the hidden depths of the world’s seas, ranging from a few hundreds to several thousands of feet (called deepwater), therein lies vast fortunes of oil and natural gas resources. These resources have the capacity to boost world economic growth and play a vital role in the future of the rapidly changing global energy mix.
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The NNPC announced the signing of the agreement in a social media post on Tuesday.
Shell Nigeria Exploration and Production Company (SNEPCO) operates OML 118 (Bonga oilfield) on behalf of NNPC and its partners under a production sharing contract (PSC).
The partners in the oilfield are Shell with 55 percent stake; Esso Exploration and Production Nigeria Limited (20 percent); Total E & P Nigerian Limited and Nigerian Agip Oil Company (NAOC) with 12.5 percent stake each.
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Bonga is Nigeria’s first deepwater project discovered in 1993.
It lies 120 kilometres south-west of the Niger Delta in a water depth of over 1,000 metres and it can produce 200,000 barrels of oil per day and 150 million standard cubic feet of gas per day.
Wednesday, 31th March 2021, the exchange rate between the naira and the US Dollar closed at N408.67/$1 at the Investors and Exporters window.
The naira appreciated against the US Dollar on Wednesday, 31st March 2021 gaining for the fifth consecutive day at the NAFEX window to close at N408.67 to a dollar despite a 26.2% drop in dollar supply.
This represents a 0.08% gain, when compared to N409/$1 recorded on Tuesday, 30th March 2021.
However, the naira remained stable at the parallel market, closing at N486/$1, the same rate recorded on the previous trading day.
Trading at the official NAFEX window
The naira appreciated against the US Dollar at the Investors and Exporters window on Wednesday to close at N408.67/$1. This represents a 33 kobo gain when compared to N409/$1 recorded on Tuesday, 30th March 2021.