TotalEnergies (NYSE:TTE) announced on Wednesday the commencement of production from the Akpo West field located offshore Nigeria. Anticipated to yield 14,000 barrels per day (bbl/day) of condensate by mid-year, the field within the PML2 license area is poised for further growth, with gas production projected to reach 4 million cubic meters per day (cm/day) by 2028.Thank you for reading this post, don't forget to subscribe!
Developed as a subsea tieback to TotalEnergies’ (TTE) Akpo FPSO vessel, which has been operational since 2009 and boasted a production rate of 124,000 barrels of oil equivalent per day (boe/day) in 2023, Akpo West benefits from existing infrastructure, enabling cost efficiency and minimizing greenhouse gas emissions.
TotalEnergies (TTE) holds a 24% stake as the operator of PML2, collaborating with partners such as China’s Cnooc, which owns a 45% interest in the venture. Additionally, TotalEnergies (TTE) disclosed plans to conduct a third appraisal well at its Venus oil discovery in Namibia this year, aiming to pinpoint the optimal location for installing an FPSO vessel to exploit the oil reservoir, which boasts reserves of 2 billion barrels.