Oil and gas company Lekoil, which operates in West Africa, has announced that it will acquire 197 square kilometers of 3D seismic data for the Otakikpo Marginal Field in the Niger Delta. This data will include onshore and offshore data to update the existing 2D coverage.

Lekoil invests further into Otakikpo Marginal FieldLekoil, through its 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, and the new 3D seismic data will be processed and interpreted.

Otakikpo currently has an estimated 56.6 million bbls of gross unrisked 2C contingent resources and an additional 163.0 million bbls gross of Stock Tank Oil Initially In Place (STOIIP) upside on a P50, unrisked basis (AGR TRACS International, Competent Persons Report 2014). As the Otakikpo field nears Phase One target production of 10 000 bpd, the company aims to increase steady state production up to approximately 20 000 bpd through Phase Two of the Otakikpo Field Development Plan.

Situated in a swamp in OML 11, Otakikpo commenced continuous production in Q1 2017. Three wells drilled in the field encountered hydrocarbons in multiple intervals. 2D and 3D seismic analysis revealed reserve estimates considerably in excess of those available at the time of the company’s acquisition of drilling rite in May 2014.

As a result of the revision to anticipated production levels, the Otakikpo -002 and -003 wells have been reclassified as “Reserves –Approved for Development”. As a result of the work put into the tendering process, LEKOIL has driven down the cost of production, resulting in a break-even point of less than $30 per bbl (life of field basis).

In addition, four exploration prospects within the onshore part of the Otakikpo acreage have revealed Stock Tank Oil Initially In Place (STOIIP) ranges. These are estimated to contain potential gross aggregate volumes of 162.8 mmbbl, with further potential in the southern (shallow water) portion of the field.

“With significant milestones already achieved in 2017 as the Otakikpo Technical and Financial Partner, today's announcement demonstrates Lekoil’s progress into the next phase of delivery and growth. The company expects the Phase Two development to be fully funded by industry players, which the company is already in discussions with,” says Lekan Akinyanmi, Lekoil’s CEO.

Image credit: http://www.lekoil.com/files/our-assets/our-assets-otakikpo-map.png


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