Review identifies more oil at Otakipo offshore Nigeria

Offshore staff

LONDONLekoil has issued an update on resources at the Otakipo marginal field in oil mining lease (OML) 11 offshore Nigeria.

This is adjacent to the shore in the eastern part of the Niger Delta. Lekoil has a 90% operated interest.

Consultants AGR TRACS International reviewed surface and subsurface data, and estimates gross unrisked 2C contingent oil resources at 56.75 MMbbl. This compares with 36 MMbbl when Lekoil acquired the asset in May.

AGR TRACS’ economic evaluations suggest a development would be economic under $80, $100, and $120 oil price scenarios.

Lekoil believes there may be further prospectivity in the southern shallow-water portion of the acreage, which it plans to define by further studies and appraisal.

09/24/2014

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...