Ibe Kachikwu, the Minister of State for Petroleum Resource says that no International Oil Company (IOC) is planning to exit Nigeria contrary to reports in some section of the media. Mr Kachikwu made this known while briefing journalists after facility tour of ExxonMobil Erha Floating Production Storage and Offloading vessels (FPSO) in Lagos on Sunday. FPSO unit is a floating vessel used by the Offshore oil and gas industry for the production and processing of hydrocarbons for the storage of oil. Erha FPSO has a liquid storage capacity of 2.2 million barrel, making it one of its biggest kind in the world. The Erha field and Erha North satellite field was completed in 2006. The fields are located approximately 97km offshore Nigeria in water depths ranging from 1,000m to 1,200m. They were developed with an investment of 3.5 billion dollars. He said that it was not possible for a […]