MoneyNewsWorld

Italy’s Eni Group announces major oil discovery in Niger Delta

UNITED STATES, WASHINGTON (OBSERVATORY) — Italian oil giant Eni announced on Wednesday that its Nigerian subsidiary Agip has discovered an important oil and gas field in the Niger Delta in southern Nigeria, which could increase the production of this African country exporting black gold.

ENI said the joint venture, Nigerian Agip Oil Company, of which 20 percent is owned by ENI, 60 percent by the National Oil Company, and 20 percent by OANDO, made the discovery deep in the Obiavi-Opricom oilfields. Oil Mining 61 concession in the land area of ​​the Niger Delta.

“This field includes one thousand billion cubic feet of gas and sixty million barrels of oil equivalent.”

“The daily production capacity of the field is 100 million cubic feet and 3,000 barrels of oil equivalent,” it said.

Eni has been operating in Nigeria since 1962 and currently produces 100,000 barrels per day in the country.

Nigeria is Africa’s largest oil producer with about 2 million barrels per day (bpd) but is seeking to boost output to 4 million bpd.

The West African country depends 70 percent on oil revenues in its public finances and 90 percent on imports of parts.

Online:

This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.

Our Standards, Terms of Use: Standard Terms And Conditions.

OBSERVATORY NEWS — Breaking news source, real-time coverage of the world’s events, life, politics, business, finance, economy, markets, war and conflict zones.

Contact us: [email protected]

Stay connected with News Observatory and Observatory Newsroom, also with our online services and never lost the breaking news stories happening around the world.

Support The OBSERVATORY from as little as $1 – it only takes a minute. Thank you.

We are NEWS OBSERVATORY — the only funding and support we get from people – we are categorically not funded by any political party, any government somewhere or from any grouping that supports certain interests – the only support that makes OBSERVATORY possible came from you.