President inaugurates second deep water oil field


President Goodluck Jonathan commissioned the second deep water facility of Rivers State yesterday.

The offshore Usan field has a reserve of 500 million barrels of crude oil and will be producing around 180,000 barrels per day. The development of the field is a joint venture between the Nigerian National Petroleum Corporation (NNPC), Chevron, Nexon and Total Oil.

The president, in his remarks at the inauguration explained that he has asked Mrs Diezani Allison-Madrueke, the Minister for Petroleum Resources to fast track all oil and gas projects in the upstream sector.

The president also assured those present that the government was moving forward with the Petroleum Industry Bill which will bring greater transparency accountability and governance to the industry.

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