Otakikpo marginal field: Lekoil set to acquire new 3D seismic


05 January 2018, Lagos – West Africa focused oil and gas firm Lekoil revealed Thursday that 197 square kilometres of 3D seismic data will be acquired at the Otakikpo Marginal Field in OML 11, onshore and offshore in the south-eastern part of the Niger Delta, to update the existing 2D coverage.

The company’s joint venture with Green Energy International Limited (GEIL) has signed a contract with Sinopec Changjiang Engineering Services Limited to acquire the data. The seismic acquisition is expected to commence in the first quarter of this year. Following the completion of the seismic acquisition, the new 3D seismic data will be processed and interpreted.

Otakikpo currently has an estimated 56.6 million barrels of gross unrisked 2C contingent resources and an additional 163 million barrels gross of Stock Tank Oil Initially In Place (STOIIP) upside on a P50, unrisked basis, according to Lekoil.

Phase one target production at the Otakikpo field is 10,000 barrels of oil per day. Phase two of the Otakikpo field development plan aims to increase steady state production up to approximately 20,000 bopd.

“Today’s announcement demonstrates Lekoil’s progress into the next phase of delivery and growth,” Lekan Akinyanmi, Lekoil’s CEO, said in a company statement.

“The company expects the phase two development to be fully funded by industry players, which the company is already in discussions with,” Akinyanmi added.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).


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