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    Russian Energy Giant LUKoil to Expand Presence in Nigeria's Oil Market

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    Russian oil giant LUKoil is looking to expand its operations in Nigeria's oil market, the company's President Vagit Alekperov said Thursday.

    MOSCOW (Sputnik) — Operations involving LUKoil's stakes in Nigeria may produce some 6-7 million tons per year, Alekperov told reporters at the World Economic Forum in Davos earlier Thursday.

    "Today, I met with the Nigerian oil minister; we are preparing for my trip to Nigeria to discuss our projects. 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," Alekperov said in an interview with Rossiya-24 television channel.

    LUKoil has been expanding its overseas operations. In early 2015, the LUKoil president announced the decision to establish joint operations with Chevron in Nigeria. The company also operates several other sites in West Africa, as well as most of Iraq's Qurna-2 oilfield.

    Chevron works at nine sites in Nigeria based on production sharing agreements with the Nigerian National Petroleum Corporation (NNPC). The US-based Chevron Corporation owns 95 percent of the Nsiko oilfield, which it has been exploring throughout 2015. Other Chevron sites are currently in operation.

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    Tags:
    oil market, LUKoil, Nigeria, Russia
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