Petrofac has won the strategic alliance partnership of the Nigeria Petroleum Development Company (NPDC) to fund the operations in Oil Mining Lease (OML) 119. Securing the contract would see Petrofac take over from Agip the funding of the acreage which it has funded since the year 2000. The terms of their agreements however precludes operatorship. Their purpose is solely to fund NPDC's operations in the asset.
OML 119 was producing 35,000 BPD as of June 2013, down from as high as 66,000 BPD in 2007, but the acreage's upside potential is underscored by the discovery of two oil fields reservoirs-deeper by as much as 600 meters than the deepest producing zone, which the NPDC is hoping to develop.
No comments:
Post a Comment