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Business News

Firm discovers new oil well in Akwa Ibom

The Ebok field handed over to Oriental Energy Resources Limited in 2007, has discovered new oil location. The company disclosed this in a statement which described the discovery as a major booster to Nigeria’s oil production.

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Oriental Energy Resources Limited, Mobil Producing Nigeria Unlimited

The Ebok field handed over to Oriental Energy Resources Limited in 2007, has discovered a new oil well. The company disclosed this in a statement and described the discovery as a major booster to Nigeria’s oil production.

The indigenous exploration company said the discovery was made in two deep prospects that were identified during extensive subsurface studies in its offshore Ebok field. The Ebok Filed was first discovered by Mobil Producing Nigeria Unlimited in 1968.

[READ ALSO: Louts, “Agbero” confront Opay, Gokada, and MAXng riders]

The well has been renamed Ebok-45. It was previously called EDN-1 before the drilling. Oriental Energy Resources Limited came in possession of the Ebok field after acquisition from Mobil. It is located in Oil Mining Lease 67 approximately 55 kilometres from Akwa Ibom.

According to a report, drilling on the field began in the first quarter of 2019 on the North Fault Block of the Ebok field. The drilling started as an assessment to test the hydrocarbon potential of the deeper stratigraphic levels in the Ebok field. It was drilled in water depth of 145 feet and reached a total measured depth of 9,167 feet.

It was disclosed that 170 feet of gross oil pay were uncovered in two reservoirs with further upside, while wireline logging combined with pressure and sampling confirmed excellent reservoir and fluid characteristics from both horizons.

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Crude oil

Speaking on the oil discovery, the Executive Chairman of Oriental Energy Resources, Muhammadu Indimi, said: “I am extremely pleased with the results of the appraisal well and I am looking forward to the early development of this new discovery.”

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Also speaking on behalf of the company, the Managing Director, Ignatius Ifedayo, added:  “We are delighted to report the successful appraisal drilling programme in Ebok Deep and it serves as a great boost to Oriental Energy’s vision to grow its reserves base and production in Nigeria.

“This is also in line with the nation’s quest to increase its reserves base. This is the first significant new oil discovery by Oriental Energy Resources inside its existing development area.

“With its three assets – Ebok, Okwok and OML 115, the indigenous exploration and production company is working to maintain production through strategic reservoir and wells management, optimisation of topsides as well as development of new reserves.”

[READ ALSO: FG wants to increase cost of Niger Bridge to avoid people jumping off to their death]

Why this matters: Oriental Energy revealed that its production had risen to 35,000 barrels of oil per day. This new oil location will, therefore, increase Nigeria’s output among oil  producing countries globally.

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Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: fako[email protected]

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Business

FG explains why Lagos-Ibadan rail line was not linked to the sea

The government in its explanation said that the delay was due to disruption by trucks going in and out of the port complex.

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FG needs $656 million to complete Lagos-Ibadan railway project – Amaechi, Nigeria loses N150 billion annually to shipping tariffs, Ibadan to Kano rail construction

The Federal Government has stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea.

The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.

According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.

The Minister pointed out that the original blueprint for the Lagos-Ibadan rail line project was not adhered to by CCECC Nigeria Limited and TEAM consortium and therefore warned that the master plan of the soon to commence Ibadan-Kano rail line project should not be changed.

The statement from the ministry partly reads, “The Nigerian Government has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.”

Amaechi forewarned that the master plan of the soon to commence project should not be changed as the original blueprint for the Lagos-Ibadan wasn’t adhered to by Messrs CCECC Nigeria and TEAM consortium. The Minister who rode the train from Ebute-Meta to the 8.72 km Apapa Port Spur line, informed the media that the inability of Messrs CCECC Nigeria to link the final part of the rail line down to the sea is rather due to disruption by trucks going in and out of the port complex.’’

The Minister had noted that the Federal Government has paid its share of the counterpart funding of the Ibadan-Kano rail line project and is waiting for China-Exim bank to ratify its side of the agreement for the project to commence.

He also advised the Nigerian Railway Corporation (NRC) to acquire more land around the train stations and the rail tracks for future development adding that this will be near impossible to do in the future as whatever space available now would have been taken over by businesses attracted to the rail line.

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In case you missed it

It can be recalled that full commercial train services commenced on the Lagos-Ibadan rail line after train operations commenced on December 7, 2020, with only Lagos, Ibadan and Abeokuta residents enjoying the train services.

This is because other minor and major stations along that route were yet to be completed.

 

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Manufacturing

Industrial Index loses -12.39 points, as BUA and Lafarge Cement shares top losers list

The NSE Industrials index lost 12.39 index points in the first trading week in the month of April.

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Manufacturing: Activity levels pick up albeit readings still below water

The Nigerian Stock Exchange Industrial Index at the close of trading activities for the first week in the month of April closed on a bearish note, following a 0.66% decrease in the shares of BUA CEMENT and Lafarge.

At the close of trading activities on the Nigerian Stock Exchange on the 9th of April 2021, the industrial index depreciated by 55.01 index points, to close lower at 1,928.18 index points for the week.

When compared to the overall performance of the market, the NSE Industrial index underperformed, noting that the NSE All-Share Index and Market Capitalization depreciated by 0.66% to close the week at 38,866.39 and N20.3350 trillion respectively.

READ: COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says

What you should know

The NSE Industrial Index was designed to provide an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector and is based on the market capitalization methodology.

The index tracks the performance of ten industrial companies on the Nigerian Stock Exchange which includes Dangote, BUA, and Lafarge Cement.

The overall performance of the companies for the week was bearish, as the index closed on a negative note driven by the decrease in the share price of BUA Cement and Lafarge.

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MEYER (19.51) was the only gainer for the week, while BUACEMENT (-1.09%) and LAFARGE WAPCO (-3.00%) were the only losers for the week.

GAINER

  • MEYER up by19.51% to close at N0.49.

LOSER

  • WAPCO down by -3.00% to close at N21.00.
  • BUACEMENT down by -1.09% to close at N72.70.

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