OML 83 & 85 Acquisition

OML 83 & 85 Acquisition

FIRST Exploration and Petroleum Development Company Limited (FIRST E&P) acquired 40% participating interests in Oil Mining Leases (OMLs) 83 and 85 from Chevron Nigeria Limited (CNL). Both of these leases are located in shallow waters offshore Bayelsa State, Nigeria. The acquisition transaction for the 40% interests in both OMLs was completed in February, 2015. The Nigerian National Petroleum Corporation (NNPC) holds 60% participating interest in both OML 83 and OML 85.

OML 83 covers an aerial extent of 125 sq. km, with Anyala field as the only discovery within the acreage. Madu field which is the main discovery within OML 85, has an aerial extent of 521 sq. km. Anyala field is located at a water depth of 55m, about 45 km off the coast of Bayelsa State and 23 km from Madu field. Full 3D seismic data have been acquired over both OML 83 and OML 85 acreages. Although both Anyala and Madu fields have been extensively appraised, production is yet to commence from the fields.

An integrated oil and gas development plan will be carried out for the Anyala and Madu fields, with an estimated potential recoverable hydrocarbons volume of 340 million barrels of oil equivalent on a 100% interest basis. The produced hydrocarbons will be processed offshore in Anyala field within OML 83, with first oil production planned for Q3 2016. Oil production is estimated to reach a plateau of 50,000 bopd and the produced gas will be supplied to the Nigerian domestic supply market.

The work programme for the assets will also include maturation of infield deep prospects in Anyala field within OML 83, as well as near field exploration prospects in Ato North, Ato South and Songhai, within OML 85.

By | 2018-08-09T09:17:25+00:00 December 7th, 2017|Uncategorized|0 Comments

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