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Nestoil invests $28 million to raise oil output from OML 42
🇳🇬 Nigeria /Energy & Infrastructure

Nestoil invests $28 million to raise oil output from OML 42

From Vanguard · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement New plan
  • Nestoil Group disclosed a roughly $28 million investment in two drilling rigs.
  • The company said the investment aims to increase crude oil production and expand indigenous drilling capacity in Nigeria.
  • Through Scorpio Drilling International, Nestoil recently deployed the Pathfinder 500 rig to Oil Mining Lease 42.

Nestoil Group has invested about $28 million in two drilling rigs as it seeks to increase crude oil production and strengthen Nigeria’s domestic drilling capacity.

The group said its strategic business unit, Scorpio Drilling International, recently deployed the Pathfinder 500 rig to Oil Mining Lease 42. The investment covers two rigs and forms part of Nestoil’s efforts to expand drilling operations.

The company disclosed the investment in a statement, but the provided details do not specify the second rig’s deployment or give further production targets.

About this summary

Originally published by Vanguard in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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