Two Of The World’s Largest Oil Companies Partner To Invest In Nigeria

Chevron's Offshore Oil Facility In Bayelsa

Chevron’s Offshore Oil Facility In Bayelsa

Russia’s second-largest oil company, Lukoil, and America’s American oil major, Chevron Corp, have struck a deal to jointly develop an oil project in Nigeria.

“We have decided to enter a joint block with Chevron in a project in Nigeria, which we consider to be promising,” Alekperov told reporters in Moscow. He declined to name the project and provided no addition information.

The deal is seen as part of Lukoil’s push to seek opportunities away from Russia’s state-dominated oil sector. Lukoil is a private oil company with its Chief Executive Officer Vagit Alekperov, owning about 20 percent.

According to Chevron’s website, the Aparo field and the third-party-owned Bonga SW Field in Nigeria share a common geological structure. It plans joint development for both. According to Reuters, Lukoil, controlled by Alekperov and his deputy, Leonid Fedun, has been expanding its operations overseas. Alekperov also said Lukoil expects dividend payments next year to be at the same level as in 2014, while its investment programme will be cut by $2 billion to $14 billion. Major oil companies have trimmed spending as oil prices drop.

Original Article from Ventures Africa

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