Nigeria is currently contributing a huge amount of oil and recently Exxon Mobil has pumped over 750,000 barrels of crude oil per day from Nigeria. Exxon Mobil plans to produce more than 11 billion dollars as oil investments, towards the energy sector, in 2011.
The company hopes that these oil investments can encourage development and 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. The lion’s share would be sourced from the Erha, and is expected to deliver more than 150,000 barrels of oil per day. The Yoho oil field operated by Exxon Mobil consists of 400 million barrels of oil and the field is expected to be re-drilled. The Nigerian oil sphere is heavily influenced by Conoco Phillips, Total, Chevron and Agip. Since the past few years, Nigeria has experienced several disputes with the Organization of the Petroleum Exporting Countries, as they have exceeded production limits.
Iran has produced 85 billion US dollars as oil investments, according to reports stated by the Iranian Oil Ministry. These oil investments would be used for Iran’s fifth development plan. The minister of Iran mentioned that the approval for 5,000 million dollars as participation bonds has been sanctioned and about 9,000 million dollars have been authorized for participation bonds in foreign currency. In addition, Iran’s oil ministry could depend on local oil investments for its future crude oil projects. He also mentioned that many international investors are interested in providing oil investment for energy projects in Iran and the country will warmly welcome such foreign investors. Many Western countries conceive that the imposed sanctions can stop the operation of the Iranian fossil fuel industry, but the financial crisis, the failure of Western countries and other factors could not stop the operation.
Saltpond Offshore Producing Company Limited, widely known for its offshore oil resources, has purchased more than 800,000 barrels of crude oil worth nearly $90 million. The company has not provided funds to the government for the previously purchased barrels of crude. The Saltpond oil fields were upgraded by the Saltpond Offshore Producing Company Limited during 2002 and previously the company produced around 500-600 barrels of crude oil per day, but currently the company extracts only 60-100 barrels of crude oil. The company’s poor financial situation has led many service providers to seek judicial intervention. The company was supposed to return the wealth that had been given to them.
