Categorized | News

British firm to commence new oil production in Nigeria – Daily Trust

British oil firm Afren said it hoped to bring a field discovered in Nigeria in January into production in the “near-term”, after tests on the oil proved successful.

The company, whose main producing assets are in Nigeria but which also has assets in Kenya and Kurdistan, said it will drill two production wells on the Okoro East field in the second half of 2012, meaning new output could be added this year.

“We will now work towards realising near-term production from Okoro East. The tie back to existing facilities ensures a very high return on the additional wells,” Chief Executive Osman Shahenshah said in a statement on Wednesday.

Okoro East was discovered near its Okoro field in January, allowing Afren to use existing facilities at Okoro to add new production more quickly and cheaply than is usual when a new oil field is found.

Afren, which in the middle of last year cut its production target after a delay at its key Ebok field in Nigeria, said in the longer term it will also submit a full field development plan for Okoro East to enable it maximise output.

“Combined with follow-on opportunities elsewhere in the block, Okoro can continue to be a driver of exploration upside as well as production growth going forward,” analysts at Bank of America Merrill Lynch, which acts as broker to the firm, said.

Initial production from the two wells at Okoro East could reach 14,000 barrels of oil per day (bopd), Afren said, a significant addition to the company’s year-end output rate of 55,400 bopd.(Reuters)

Leave a Reply


nine + = 11

Share Nigerians Saving Nigerians With Your Friends

Nigerians Saving Nigerians is registered as a nonprofit corporation with the Secretary of State of Texas, U.S.A. Nigerians Saving Nigerians is a nontribalistic and nonprofit organization, founded on the 27th of September, 2011. The purpose of Nigerians Saving Nigerians is to strengthen civic duties among Nigerians in order to foster peace and prosperity. The purpose of the Nigerians Saving Nigerians website is to provide a platform where Nigerians can organize peacefully in order to strengthen the development of Nigeria.

Find Us On Facebook

Featured video on Nigerians Saving Nigerians: Spoken word performance by President Barack Obama Fellow, Omololu Omotosho.

php developer india

Video of the week: Africa Rising

php developer india