OML 29, which holds
the site of Nigeria’s first oil
discovery, Oloibiri field in addition to Nembe Creek field, Santa Barbara and
Odeama Creek fields, all producing is now at the center of a brawl between two Russian firms;
Lukoil and L1 Energy.
Lukoil is Russia’s
second largest oil company. The company was formed in 1991 when three
state-run, western Siberian companies merged. That meant vertically integrating
the three branches of the industry – exploration, refining, and distribution that were strictly
