Nigeria's state oil company said on Jan. 13 it will partner with Schlumberger Ltd. on exploration and reservoir management.

The partnership aims to find commercial hydrocarbon deposits in the Chad Basin and other inland areas, a statement from the Nigerian National Petroleum Corp. (NNPC) said.

A research area for the companies will be "exploration and risk assessment studies of the Nigerian frontier basins, which include the Upper Benue where NNPC is currently carrying out exploration work," the statement quoted Babatunde Adeniran, COO of ventures at NNPC, as saying.

Schlumberger has established a $1 billion research fund, of which NNPC also hopes to take advantage, the statement said.