Lekoil Nigeria on track with Otakikpo marginal field
Lekoil Nigeria Limited has announced on behalf of the Otakikpo Joint Venture (“Otakikpo JV”) made up of Green Energy International Limited (“GEIL”), the Operator, and the Technical Partner, Lekoil Oil and Gas Investments Limited (“LOGL”), a fully owned subsidiary of Lekoil Nigeria, an operational update on Otakikpo Marginal Field (“Otakikpo”) in OML 11.
The Otakikpo JV commenced location preparation work for the drilling campaign (Otaks-4 & Otaks-5) in Q4, 2021, and on March 31, 2022, successfully spudded one of the wells, Otakikpo-4 as part of the Phase 2 development expected to bring aggregate production to a targeted estimated 10,000+ bopd with 4,000+ net to LOGL by the end of 2022.
Average production for Q1 2022, was 4,475 bopd gross/1,790 bopd net to LOGL.
Lekoil Nigeria also announced that LOGL has renewed its offtake agreement with Shell Western Supply and Trading Limited which was due to expire in the second quarter of this year. The offtake agreement has been renewed for a year.
Lekoil Nigeria’s Chief Executive Officer, Lekan Akinyanm said, “We are delighted to announce the start of the next phase of development on the Otakikpo field and we remain focused on delivering the project safely and on time”.
Chief Technical Officer, Samuel Olotu, also commented on the progress made; “We are pleased to see years of technical planning work phase transition into project execution. We will continue to strive towards efficient execution in line with industry best practices without compromising on safety”.
This development further proves Lekoil Nigeria’s upward trajectory and projection as a Nigerian company committed to achieving an impressive record of sustainable growth.