Project Profile
Value: Undisclosed
Location: Benin Basin, offshore western Nigeria
Water Depth: 7,000 and 12,000 ft
Start-up Year: -
OPL 310 is an offshore block in Nigeria. OPL 310 was awarded to Optimum Petroleum in 1992. It is located in the Benin Basin, offshore western Nigeria, adjacent to the Chevron operated Aje field (recently declared commercial) and Seme field. OPL 310 is located in the Upper Cretacous fairway that runs along the West African Transform margin and lies next to the Chevron-operated Aje field, which has recently been declared commercial.
The block extends from the shallow water continental shelf to deep water, representing an exploration opportunity in an under explored basin with a proven working hydrocarbon system. It is also in close proximity to the recently completed West African Gas Pipeline (WAGP), allowing gas discoveries to be readily developed. There has been good seismic coverage of the block in the form of a 307 km2 3D survey and 483 km of 2D data. Afren has signed a Production and Revenue Sharing Agreement, under the terms of which Afren will be the technical operator and will hold a 40% legal interest and a 70% working interest. Afren has identified several prospects that lie in the same Senonian, Turonian and Albian sandstone intervals that have yielded significant discoveries along with the West African Transform Margin in Ghana and Côte d’Ivoire. The company intends to drill an exploration well in the end of 2012 and has plans in place to acquire additional seismic data. Participating interest in the block are Optimum on 60%, Afren on 22.86% and Lekoil on 17.14%. Economic interest is Optimum on 30%, Afren on 40% and Lekoil on 30%. In November 2015, Lekoil agreed to acquire Afren\'s entire 22.86% participating interest in OPL 310, which contains the Ogo discovery, for a total cash consideration of US$13 million.
Operators:
Optimum Petroleum Development Ltd: Operator with 60% participating interest and 30% economic interest
Afren: 22.86% participating interest
Lekoil: 17.14% participating interest and 30% economic interest
Contractor:
Transocean: Drilling contractor using GSF Transocean Monitor rig