Agip Set to Receive Tenders for $13.5bn Project

Agip Oil CompanyAgip Oil Company
  • Agip Set to Receive Tenders for $13.5bn Project

The Nigerian Agip Exploration Limited will begin to receive commercial proposals this month for the development of its Zabazaba deepwater project, which is estimated to gulp $13.5bn.

The Nigerian Content Development and Monitoring Board, which disclosed this in a statement on Sunday, said the request for commercial tenders from bidders followed the finalisation of the technical evaluation for the main package of the project by the NCDMB and the NAE, with the aim of maximising local content.

It said the package included the floating, production, storage and offloading units, subsea, installation and rigs.

The Executive Secretary, NCDMB, Mr. Simbi Wabote, was quoted as saying that the board fast-tracked its evaluation and approval on the Zabazaba project, with the view of increasing Nigeria’s crude oil production and creating opportunities for the growth and development of local content.

He said the conclusion of the technical evaluation had paved the way for the NAE to proceed with its plans to receive and evaluate the commercial bids, conclude negotiations and award contracts in the second quarter of this year.

Wabote commended the NAE for working harmoniously with the NCDMB, saying the company took on board all Nigerian content requirements.

According to him, the NAE plans to achieve its first oil in 2020, is determined to make the final investment decision in the second quarter of this year and start the execution of the project in the third quarter.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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