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With a joint venture investment agreed upon in January 2019 between the Buhari administration and TOTALENERGIES E&P Nigeria Limited to embark on offshore oil exploration activities, which the parties jointly named as IKIKE Development Project, do you know that on the 15th of November 2021, the sail-away ceremony for the venture’s first oil find took place at the SAIPEM Yard at Rumuolumeni in Rivers State?
The administration was represented in the investment deal by the NNPC who will own 60% of the stakes while TEPNG will own 40%, and the project is expected to produce 32,000 barrels of crude oil per day.
Economically, while the project is expected to increase our oil-based earnings marginally, it is expected that it will also deepen Nigerian content implementation by creating huge work opportunities for indigenous companies and thousands of jobs for qualified young Nigerians.
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