Kunle Kalejaye 08 March 2017, Sweetcrude, Lagos – Lekoil Oil and Gas Exploration and Development Company has commended its partner, investors and debt financiers as well as host communities over the recent commencement of oil production from the Otakikpo marginal field.
The company targets 10,000 barrels per day of oil production from the field by the end of second quarter, this year.
Lekoil said commencement of continuous production from the field is sequel to the completion of a six-kilometre offshore pipeline leading from the storage tanks to the tanker offloading manifold at the Otakikpo field.
It also stated that all onshore facilities and the offshore pipeline have been fully commissioned and signed off by the regulators.
Lekan Akinyanmi, Chief Executive Officer of the company, said: “Lekoil is now a producing company. I would again like to thank the entire team that has worked so hard on this project, our partner Green Energy, our investors and debt financiers, our host communities and our government regulators for their continuing support.
“The Otakikpo project began in a swamp location with no infrastructure and our team delivered production in under two years with, importantly, nearly 915,000 hours without any lost time injuries. I am extremely proud of our people’s achievements.”
Akinyanmi added that initial production from the four production strings across both wells (Otakikpo-002 and -003) is in line with company expectations.
According to him, “Initial production rates are 5,000 bopd, per current regulatory approvals for production commencement. As is customary for a new field, the Company will now focus on gathering production data and optimising well performance. With regular exports underway, the Company is focused on ramping up to production of 10,000 bopd by end of Q2 2017”.
Otakikpo field is in the southern part of Oil Mining License 11, about 35 kilometres east of the Bonny export terminal. The field is jointly developed by Green Energy International Ltd as the operator and Lekoil as technical and financial partner.