Nigeria’s state-owned oil company announced that it signed a deal with Schlumberger to provide $700m for the development of two oil fields in the country’s crude-rich south, Bloomberg reported.

The  Nigerian National Petroleum Corporation (NNPC) stated that the Anyala and Madu fields, estimated to have reserves of 193m barrels of crude and 800bcf of gas, will pump 50,000 b/d of oil and 120mcf/d of gas on completion of field development in early 2019, World Oil informed.

Schlumberger stated, “Under the agreement, Schlumberger will contribute the required services in kind and capital for the project development until first oil.”

The offshore fields, also known as oil-mining leases 83 and 85, are owned 60% by NNPC and 40% by Lagos-based First Exploration & Production, which is also the operator of the joint venture.

NNPC declared, “Apart from providing funding for the development of the fields, Schlumberger would also provide other oil-field services on a limited exclusive basis.”

Nigeria, Africa’s biggest oil producer, is expanding oil exploration and production toward reaching a proven reserves target of 40bb/d by 2020. The country’s reserves are currently estimated at 37.2b barrels.