NNPC, NAE move to fast-track Zabazaba–Etan deepwater project
Abdullateef Fowewe
Nigerian National Petroleum Corporation Limited and Nigerian Agip Exploration (NAE) are pushing ahead with plans to develop the Zabazaba and Etan deepwater fields, a move expected to add up to 150,000 barrels per day to Nigeria’s oil output by 2029.
Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, met with NAE Vice Chairman/Managing Director, Maurizio Pinna, in Abuja to review progress on deepwater development across acreage held jointly by NNPC Limited, NAE and Shell Nigeria Exploration Company (SNEPCo).
Discussions centred on the Zabazaba and Etan fields within the former OPL 245 block, now restructured into two development leases (PML 102 and PML 103) and two exploration licences where the partners are targeting first oil in 2029 via a large floating production, storage and offloading (FPSO) facility.
The fields, located about 140km offshore in water depths of up to 2,000 metres, hold an estimated 500–560 million barrels of oil and associated gas, with peak output projected at roughly 150,000 bpd and up to 200 million cubic feet per day of gas for domestic use and LNG exports.
The meeting according to a statement obtained from NNPCL on Friday, underscores Nigeria’s broader drive to revive stalled deepwater projects and lift national production toward the 3 million bpd target by 2030, after years of legal and regulatory delays around OPL 245.
A recent settlement between the federal government, Eni (NAE’s parent) and Shell cleared the way for final investment decisions, with Eni-led plans now valued at about $10.3 billion for the combined Zabazaba and Etan developments.
In a statement, NNPCL said,
“Deepwater Development on the Cards as GCEO NNPC Limited Meets NAE MD.”
It added, “Group CEO of NNPC Limited, Engr. Bashir Bayo Ojulari, received in audience the Vice Chairman/Managing Director of Nigerian Agip Exploration Limited (NAE), Mr. Maurizio Pinna, in Abuja recently. Discussions centred on deepwater development with a focus on the work underway on the acreage held by the two companies as well as expected production.”
On the reserves and partnership structure, NNPC Limited noted, “NAE operates the licences converted from OPL 245 together with NNPC Limited and SNEPCo. The acreage holds the Zabazaba and Etan deepwater fields, estimated at 500 MMbbl of reserves.”
