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NNPC, Shell, others sign $1 billion pact

    ABIDJAN

    The Nigerian National Petroleum Corporation (NNPC) and three major oil producing companies signed on Wednesday a US $1 billion deal for the oil and gas sub-sectors under a joint venture agreement, ‘The Guardian’, a Lagos daily, reported.

    The deal involves Shell Petroleum Development Company (SPDC), Elf and Agip and will pay for the development of an oil field known as EA/EJA, the newspaper said, thought to hold an estimated reserve of 350 million barrels of crude. Production is expected to begin the second half of 2002.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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