Project Profile
Value: US$50 million
Location: shallow water block off Nigeria
Reserves: P50 contingent resource of 20.5m boe
Production: 10,000 b/d
Area: 125 sq km
Water Depth: -
The project involves the exploration drilling of a shallow water block off Nigeria, which contains an existing discovery, Olobia-1. The previous operator – Shell - acquired a small grid of 2D seismic and drilled one exploration well, Olobia-1, in 1986. Well logs indicated 124ft (38m) of net oil and 90ft (27m) of gas and condensate in the Olobia-1 well. The licence covers only 125 sq km. An independent report has attributed a P50 contingent resource of 20.5m boe to the field. The development is expected to reach a peak of 10,000 b/d.
Operators:
Nigdel United Oil Company
Energy Equity Resources (EER)
SacOil Holdings Ltd (exit in June 2015)
Contractors:
Atlantic Subsurface Energy Consultants: Contract for a preliminary study