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Wednesday, April 20, 2022
Lekoil Nigeria Limited, provided an operational update on Otakikpo Marginal Field (Otakikpo) in Nigeria’s OML 11 on behalf of the Otakikpo Joint Venture. The Otakikpo JV commenced location preparation work for the drilling campaign (Otaks-4 & Otaks-5) in Q4, 2021, and on March 31 successfully spudded one of the wells, Otakikpo-4 as part of the Phase 2 development.
Phase 2 is expected to bring aggregate production to a targeted estimated 10,000+ bopd with 4,000+ net to LOGL by the end of 2022. Average production for Q1 2022, was 4,475 bopd gross/1,790 bopd net to LOGL.
The company is also announced that LOGL has renewed its offtake agreement with Shell Western Supply and Trading Limited which was due to expire in the second quarter of this year. The offtake agreement has been renewed for a year.
Lekan Akinyanmi, Lekoil Nigeria’s Chief Executive Officer, commented, “We are delighted to announce the start of the next phase of development on the Otakikpo field and we remain focused on delivering the project safely and on time.”
Samuel Olotu, Chief Technical Officer, commented, “We are pleased to see years of technical planning work phase transition into project execution. We will continue to strive towards efficient execution in line with industry best practices without compromising on safety.”
The Otakikpo JV is made up of Green Energy International Limited, the Operator, and the Technical Partner, Lekoil Oil and Gas Investments Limited, a fully owned subsidiary of Lekoil Nigeria.
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