A subsidiary of Chevron, the third-largest oil producer in the country and one of its largest investors, spending more than $3 billion annually has commenced drilling operations in the Agbami field offshore Nigeria using the Pacific Bora drillship.
?Documents on the recent transaction and operation of the oil giant showed that the rig is contracted for three years to a wholly owned Chevron subsidiary.
?Agbami stretches across 45,000 acres and is situated on Nigerian Blocks OML 127 and 128 in a water depth of 4,500 feet (1,372 meters). A Chevron affiliate, Star Deep Petroleum Limited serves as the operator of the project with a 68.2 per cent interest
It was discovered in 1998 by the drillship Glomar Explore. Famfa Oil Limited and Nigerian National Petroleum Corporation are concessionaires, while Texaco Nigeria Outer Shelf Inc. (a Chevron affiliate), Petroleo Brasileiro Nigeria Limited and Statoil Nigeria Limited (a Statoil affiliate) are partners in Agbami.
The Agbami field is the largest deepwater discovery to date in Nigeria, with estimated recoverable reserves of 900 million barrels.
