Harboursandport.com: Lagos ----LEKOIL, the oil and gas exploration, development and production company with a focus on West Africa, made it known that its joint venture with Green Energy International Limited, GEIL has signed a contact with sinopec changjiang Engineering service limited to acquire 197 sq km of 3D seismic data at the otakikpo marginal field in OML11, onshore and offshore in the Southeastern part of the Niger Delta,to update the existing 2D coverage.
The seismic acquisition over otakikpo is expected to commence in 2018 to kick-off phase two development of otakikpo.
It was made known in a press statement to Harboursandport.com that the completion of the seismic acquisition, the company will then process and interpret the new 3D seismic data,subsequently releasing an updated competent person's report.
It added that otakikpo currently has an estimated 56.6 mmbls of gress unrisked 2C contingent resources and an additional 163.0 mmbls gross of stock tank oil initially in place,STOIIP upside on a p50,unrisked basis AGR TRACS international, competent persons report 2014.
The joint venture emphasis that they now focus on phase 2 of the otakikpo field development plan which aims to increase steady state production up to approximately 20,000 bopd.
The statement quoted LEKOIL's CEO, Lekan Akinyanmi, to have said, "with significant milestones already achieved in 2017 as the the Otakikpo technical and financial partner, today's announcement demonstrate 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 discussion with".
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