- TotalEnergies has announced a significant oil and gas discovery in the Ntokon offshore field of its oil mining license (OML) 102.
- The discovery encountered 38 million net oil pay and 15 million net gas pay in well-developed and high-quality reservoirs.
- OML 102 is a producing conventional oil field located in shallow waters off the southeast coast of Nigeria, with TotalEnergies holding a 40% stake and the Nigerian National Petroleum Company Limited holding a 60% stake.
TotalEnergies has announced a significant oil and gas discovery in the Ntokon offshore field of its oil mining license (OML) 102. The company shared this news through a press release on Tuesday, June 13.
OML 102 is an operational conventional oil field located in Nigeria’s shallow waters. TotalEnergies holds a 40% stake in the license, while the Nigerian National Petroleum Company Limited owns the remaining 60%.
The Ntokon discovery well, situated 60 kilometers off the southeast coast of Nigeria, has encountered 38 million net oil pay (thickness with units of length) and 15 million net gas pay (thickness with units of length), according to the company. The reservoirs in which the discovery was made are well-developed and of excellent quality.
TotalEnergies exploration and production president Nicolas Terraz said:
- “The Ntokon discovery opens a promising outlook for new tie-back development. After the start-up of production of the Ikike tie-back on OML 99 in 2022, this new success in the area further demonstrates the potential of nearby exploration to create value within our low-cost, low-emission strategy.”
In line with the country’s strategy
The recent discovery aligns with Nigeria’s renewed commitment to enhancing hydrocarbon production, aiming to boost the country’s oil and gas revenues. According to a document from President Bola Ahmed Tinubu’s Oil Energy and Natural Resources Advisory Council in May 2023, the administration intends to develop additional deepwater oil and gas projects and increase greenfield projects to reach a production level of 4 million barrels per day.
Nigeria has faced challenges in increasing oil production since 2022, including crude oil theft and under-investment in the upstream sector. President Tinubu’s plan involves stimulating growth in the oil and gas industry, recovering lost production levels, and addressing regulatory issues while collaborating with investors to achieve these goals.
What you should know
In 2021, TotalEnergies said it had invested over $60 billion in oil and gas exploration in Nigeria. At the time, Victor Bamidele, the Deputy Managing Director, of Deepwater at the company said:
- “In the upstream sector, we have a diversified portfolio in Nigeria with facilities spanning onshore, deep waters, and liquefied natural gas. We are very proud of our strong partnership with the Nigerian National Petroleum Corporation (NNPC) and various partners over the years.
- “Our upstream branch plays a significant economic and social role in Nigeria contributing about 15% of the country’s production.
- “Nigeria, as one of our core areas of activities, is also crucial to TotalEnergies group accounting for 12% of equity production.”
