Green Energy International Limited (GEIL), the Operator of the Otakikpo field announced the commencement of the Phase-2 Development of the Otakikpo Marginal Field located at the Oil Mining Lease (OML) 11 in Rivers State with the drilling of two development wells.
The indigenous integrated energy company announced this at the weekend, as the company confirmed it had mobilised the rig and vendors for the execution of the drilling program.
Green Energy International Limited currently operates the field via a 10,000bpd oil handling, a 20MMscf gas handling processing equipment and 20,000bpd export facilities. Crude evacuation is achieved via an 8km pipeline that stretches 6km into the Atlantic, where a shuttle vessel receives the crude and cargos to a 3rd party terminal for export. It is expected that the production from the field would be ramped up from current 5,000 bopd to 10,000 bopd upon successful drilling and hook up of the proposed two wells.
Commenting on the field development, the CEO, Green Energy International Limited, Prof. Anthony Adegbulugbe, said: “the production ramp up will make GEIL the highest producer amongst marginal field producers in Nigeria. This comes in good time when Nigeria’s production has declined in recent time and the country struggles to meet its OPEC production quota.
Professor Anthony Adegbulugbe further expressed his satisfaction in the progress that the Company has made in its efforts to ensuring the green-house effect is eliminated completely in GEIL operations. In his words, “we will continue to strive to position our Company as one of the elite companies to deliver the energy the world deserves through a powerful combination of capital efficiency, low costs and sustainable development”.
He also confirmed that drilling of this first two wells is part of a staged approach to the field phase 2 development. He stated that that to ensure proper capital stewardship and reduce subsurface and project uncertainties, the Company has modified its funding and project management strategies for the phase 2 development.
However, he assured the Company’s stakeholders that it is on course to delivering the first onshore terminal in Nigeria in over 50 years, and the first to be indigenously owned and operated. This critical national infrastructure is intended to provide available, efficient and more cost-effective route to the market to several stranded marginal fields in the area.
Professor Anthony Adegbulugbe reconfirmed that Green Energy International Limited will continue to earn the trust and respect of all its stakeholders by acting with integrity and operating with the highest ethical standards. The Company’s intent to build and maintain its culture and reputation underscores its determination to work together – and with its partners – to achieve solutions and breakthroughs that benefit its shareholders and society.
He further states that the Company will continue to build on the strengths of its past, its proven track record, capabilities, as well as unwavering corporate values in supporting the sustainable and holistic development of the country.