Lekoil Nigeria is eying a two-phase field development plan for its Otakikpo marginal field project offshore Nigeria.
The firm, which received approval, in early December 2014, to perform planned recompletions of the 002 and 003 wells on Otakikpo, says the field development plan consists of the recompletions and the installation of an early production facility (EPF), producing 6000 bbl/d and export via shuttle tanker. This is expcted to start in 1H this year.
Phase 2 covers the subsequent incremental development of the rest of the field with a new central processing facility and seven new wells coming on stream from early 2017.
According to an updated reserves report, Phase 1 gross, 1P Proved Reserves for Otakikpo are 8.43 MMbbl and gross 2P Proved and Probable Reserves are 14.99 MMbbl. Phase 2 2C unrisked gross Contingent Resources are 41.61 MMbbl, which together with the 2P Phase 1 reserves makes a total of 56.6 MMbbl.
Lekoil Nigeria holds a 40% stake in Otakikpo, which is in oil mining lease (OML) 11, offshore Nigeria, adjacent to the shoreline in the eastern part of the Niger Delta.
Lekan Akinyanmi, Lekoil's CEO, said, "The Otakikpo project is robust and production, once commenced, will provide valuable cash flow from Phase 1 that will enable us to develop additional resources in Phase 2. We look forward to commencing production and to exploring the exciting prospects already identified onshore together with those offshore in shallow water."
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