Russian major Oil Company, LUKoil, has unveiled plans to expand its operations into the Nigerian oil and gas industry. According to the company’s President, Vagit Alekperov, LUKoil’s planned expansion in the Nigerian oil market may produce about 6-7 million tonnes of oil stakes.
Addressing Journalists at the ongoing World Economic Forum in Davos, Alekperov said on Thursday that: “Today, I met with the Nigerian oil minister; we are preparing for my trip to Nigeria to discuss our projects.” Adding “We already have a successful joint project with Chevron in that country. We are also a major supplier of petroleum products for Nigeria’s market… We are now discussing the possibility of our company expanding its presence in the country, there are many offers from private Nigerian companies.”
Chevron has nine operation sites in Nigeria based on production sharing agreements with the federal government owned Nigerian National Petroleum Corporation, NNPC. The US-based Chevron Corporation owns 95 percent of the Nsiko oilfield, which it has been exploring since 2015. Other Chevron sites are currently in operation, Sputniknews rightly noted.
Aside the joint operation it has with Chevron, the Russian oil giant has been expanding its frontiers abroad. Alekperov had announced in 2015 that the company currently operates in many African and Middle East countries.