Oil Investments in Iran and Nigeria

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Nigeria is currently contributing tremendous amount of oil and recently the Exxon Mobil has extracted more than 750,000 barrels of crude-oil per day from Nigeria. Exxon Mobil is planning to produce more than 11 billion USD as oil investments, towards the energy sector, in 2011.

The company hopes that, these oil investments may foster the development and the production and it is expected to reach around 1.2 million barrels per day. These farms are situated in the shallow waters of Block OML 104. Lion’s share would be yielded from the Erha, and it is expected to deliver more than 150,000 barrels of oil per day. Yoho oil field operated by the Exxon Mobil consists of 400 million barrels of oil and the field is expected to be re-drilled. Nigerian oil sphere is greatly influenced by the Conoco Phillips, Total, Chevron and Agip. From the past several years, the Nigeria has experienced several disputes with Organization of Petroleum Exporting Countries, since they have surpassed the production limits.

Iran has produced 85 billion US dollars as oil investments, according to the reports declared by the oil ministry of Iran. These oil investments would be used for the fifth development plan of Iran. The minister of Iran mentioned that, the approval was sanctioned for 5 billion US dollars as participation bonds and nearly 9 billion US dollars have been authorized for foreign currency participation bonds. Moreover, the oil ministry of Iran could depend on local oil investments for their future crude-oil endeavors. He also mentioned that, many international investors are interested to furnish oil investments for the energy projects in Iran and the country will warmly welcome those foreign investors. Many Western countries conceive that, the imposed sanctions can arrest the functioning of the Iranian fossil fuel industry but the financial crisis, failure of Western countries and other factors could not cease the operation.

Saltpond Offshore Producing Company Limited, widely known for offshore oil resources has purchased more than 800,000 barrels of crude-oil that cost nearly 90 million dollars. The company has not released any funds to the government, for the barrels of crude-oil purchased earlier. The Saltpond oil fields were renovated by Saltpond Offshore Producing Company Limited during 2002 and previously the company was producing around 500 to 600 barrels of crude per day, but currently the company is extracting only 60 to 100 barrels of crude-oil. The bad financial position of the company has led many service providers to look for judicial intervention. They company was supposed to payback the wealth which was rendered to them.

Andrewz Boas