Project Profile
Value: US$700 million
Location: Offshore Bayelsa in the Niger Delta, Oil Mining Leases (ONL) 83 and 85, offshore Nigeria
Reserves: >450 million barrels (STOIIP) with >22.66 bcm (GIIP)
Production: 50,000 bpd of oil and 3.4 mcm per day of gas
Area: 2.2 million acres
Start-up Year: 2019
Chevron divested its 40% interest in Oil Mining Leases (OML) 83 and 85 to First E&P. The oil fields, Madu (OML 85) and Anyala (OML 83), are situated in shallow waters offshore Bayelsa in the Niger Delta. Discovered in 1993 by Texaco Inc., development of the fields was deferred due to increasing costs. Neither field has been developed. It is estimated that both fields hold reserves in the amount of 250 million barrels of oil and 49 billion cubic feet per day.
Operators:
First E&P: Operator with 40% interest
Nigerian National Petroleum Corporation (NNPC): 60% interest
Contractors:
Schlumberger: Oilfield services. (June, 2017)
Yinson Production: Heads of terms (HoT) with First E&P on the supply of an FPSO unit (June, 2018)