The Minister of State for Petroleum, Dr. Ibe Kachikwu, has explained the delays in the signing of the Final Investment Decision (FID) for the Zabazaba Deepwater Oilfield in Oil Prospecting Lease (OPL) 245, citing the need for the Nigerian Agip Exploration Limited (NAE) and Shell Petroleum Exploration and Production Company (SNEPCo) to be sure of the renewal of their oil licences, among other challenges.
The oilfield is being developed jointly by the Nigerian Agip Exploration Limited and Shell Petroleum Exploration and Production Company at a cost of $13.5 billion.
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