Lekoil Limited has revealed plans to scale up production volume and productivity to 20,000 barrels per day from its current 8,000 barrels per day at its Otakikpo oil field by 2020.
Chief Executive Officer, Lekan Akinyanmi, also disclosed plans by the company to add a two-well appraisal drilling programme at Ogo field, with long lead time items such as wellheads already ordered.
According to Sweer Crude Reports, he also disclosed plans to acquire an additional 22.86 percent stake in OPL 310 which will take its total interest in the asset to 40 percent. This will be followed by a funding plan for the drilling exercise.
In his words:
“Our priority for 2018 is to continue to grow production volumes and profitability at Otakikpo. Our planning for Phase 2 field development is already underway, targeting 20,000 bpd to be reached in 2020, subject to securing additional funding from industry sources.”
He further added that the aim of the company is to secure enough information to enable its partners to take a Final Investment Decision in 2019 and then to proceed with development in partnership with GE Oil & Gas. Lekoil had earlier signed a Memorandum of Understanding (MoU) with GE Oil & Gas for the full field development of Ogo field.
Lekoil is an Africa-focused oil exploration and production company with interests currently in Nigeria and offshore Namibia.
The company was founded in 2010 by a group of leading professionals with extensive experience in the international upstream oil and gas industry as well as in global fund management and investment banking.