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

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