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Olusegun Obasanjo News

06 Jun 2000

Nigeria Sees Future In Deep Offshore Fields

Nigeria's deep offshore fields showed more promise for oil finds than fields closer to shore, a senior Nigerian official said. Of the 18 wells drilled recently in Nigerian waters less than 1,000 m deep, 11 were dry. Of the 11 drilled in water over that depth, only two were dry, Funsho Kupolokun, special adviser on oil to Nigerian President Olusegun Obasanjo, said. Kupolokun said Nigeria expects to extract up to 850 trillion barrels from only four of its deep offshore fields. This included 250 trillion barrels from Bongo, Agbami and Erha and a further 50 trillion barrels from the Abo field, he said. Most seismic testing was still being carried out in the Niger Delta but there was "immense potential" in turbidites and deep sea sand, he said.

08 Mar 2006

Chevron Pulls Out of $5B LNG Project

Chevron has pulled out of a $5-billion liquefied natural gas project in Nigeria because the government wants to use its gas for a competing project. Chevron, ConocoPhillips and ENI each have a 17% interest in the $5 billion Brass LNG project, along with state-run Nigeria National Petroleum Corp (NNPC) with 49%. But the California-based company also has an interest in a competing LNG project, the $6-billion Olokola plant, which is being fast-tracked by the government of President Olusegun Obasanjo. Chevron had planned to bring offshore gas to the Brass project, and the remaining Brass LNG investors are now in talks with other potential shareholders and gas suppliers, including France's Total.

04 Jun 1999

Obasanjo Insists on Bids For Nigerian Oil Blocks

Nigeria's new President Olusegun Obasanjo reportedly announced that future oil prospecting concessions would only be allocated through competitive bidding.