/ 13 October 2000

AGIP, NNPC TO DRILL IN NIGERIA

ITALY’S Agip and state-run Nigerian National Petroleum Corp signed a memorandum of understanding this week to jointly develop two new oil fields in an offshore Nigerian block. The signing followed NNPC’s selection of Agip Energy and Natural Resources Ltd last month as partner in developing the Okono and Okpho. Agip said it expected to produce oil 12 months after approval of a final investment decision. Past estimates of OPL91’s potential have been about 20 000 barrels per day. – Reuters