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Nigeria, Britain Sign Deepwater Oil Field Pact
Nigeria and Britain have signed a contract worth US$460 million for operating the Bonga Field, Nigeria's largest deepwater oil and gas field located at Niger delta region of south Nigeria, local media reported on Tuesday.
The contract, which the British government regarded as a diplomatic triumph given the fierce battle among several states to win, was signed last weekend in Nigerian capital Abuja.
The contract covers Floating Production, Storage and Offloading vessel topsides integration, commissioning and operations hand-over. The topsides include facilities for processing oil, water and gas, and water injection for reservoir pressure maintenance.
According to the report, Bonga is a giant oil and gas field by the world standard, which will increase Nigeria's crude reserve by about 600 million barrels.
The Nigerian government hopes the project, which was Britain's major investment in Nigeria, may add over 225,000 barrels to Nigeria's crude oil reserve, of which the government also anticipates a boost to the 2010 target of achieving 4 million barrels daily.
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