The project’s partners, which include Lagos-based Owena Oil & Gas, are expected to drill around 200 metres from an undeveloped discovery made by Chevron in 1986. The well will target the same sands currently producing at fields adjacent to Ororo.
The government sign-off signals the marginal field licence is likely to be renewed and paves the way for productive operations. The move puts first oil on track to flow in late 2015 or early 2016 at an expected initial rate of around 2,600 barrels of oil per day.
The Ororo field is located in oil mining licence 95 offshore Ondo State, and is estimated to contain between 35.5 million and 44.1 million barrels of oil in place, in addition to 7.84 bcm-11 bcm (277 bcf-390 bcf) of recoverable gas.
Spain's Iberdrola plans to triple its offshore wind assets in the coming years, bringing their value to USD 18 billion,… Read More
Saipem has been awarded a USD 850-million contract for subsea works in Angola by local BP-Eni joint venture Azule Energy,… Read More
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
This website uses cookies.