Statoil celebrates 25 years in Nigeria

Lars Christian Bacher, Statoil’s Executive Vice President for Development and Production International visited Nigeria for Statoil’s 25 year anniversary in country.

Bacher who and spoke at the official opening of the Company’s Abuja office in commemoration of the 25 years anniversary of Statoil in Nigeria, explained that the decision to open the new office branch in Abuja symbolized Statoil’s long-term commitment to the country.

“While today we took a moment to look back and celebrate 25 years in Nigeria, today we also celebrate our future in the country. This is why the new office opening is not only the outcome of past results, but also a symbol of the deeper collaboration we envision between Statoil and Nigeria,” Bacher said.

In his address, Ibe Kachikwu, Minister of State for Petroleum Resources who unveiled the Statoil Abuja office, expressed optimism in the firm’s potentials toward harnessing the country’s gas deposit.

Through its ‘greater access to energy in Nigeria’, Statoil pledged continued commitment to Nigeria’s fast-growing population and demand for increased energy.

Statoil also pledged support for the Presidential Enabling Business Environment Council (PEBEC) under the Oil Producers Trade Section (OPTS) initiative of the Lagos Chamber of Commerce and Industry.

According to the 25th Anniversary commemoration statement obtained by BusinessDay, “Statoil is a part owner of the significant but undeveloped Nnwa-Doro deep offshore field, which could lead to billions of dollars of future investment in Nigeria, improve access to energy and catalyze economic development.

“Progressing this project will require involving all interested parties, including other international oil companies, and having a stable and predictable investment climate in the country. Statoil also hopes to develop this important asset in partnership with the Government of Nigeria, allowing both parties to benefit from the commercial and social impact of improved access to energy.

“Statoil (Nigeria) Limited has been in Nigeria for the past 25 years playing a significant role in developing Nigeria’s biggest deepwater field, Agbami, located 110 kilometers off the Nigerian coastline. The field utilizes one of the world’s largest floating production, storage and offloading vessels and it came onstream on 29 July 2008. Averaging a daily equity production of 48,000 barrels of oil equivalent per day (Statoil share) and holding total field reserves estimated at around 1 billion barrels of oil equivalent, the Agbami field represents a key asset in Statoil’s international portfolio.

“The operator is Chevron with 67.30% interest. While Statoil owns a 20.21% stake, followed by Petrobras holding the remaining 12.49% interest.

“Statoil also operates two exploration licenses – OMLs 128 and 129 – with a 53.85% share in both. Six wells have been drilled in both, with two discoveries made.

“Statoil’s success in Nigeria is underpinned by its sustainability work, ensuring that the company acts as a responsible investor and is proactive in improving opportunities for the communities where it engages.

“Statoil is an international energy company with 20,500 employees and operations in more than 30 countries worldwide,” the statement read.