Oando Energy Resources (OER), the upstream subsidiary of Oando PLC, has hit first oil from its Qua Iboe field with a commercial production of 2,150 barrels per day (bpd) barely nine months after the completion of its landmark $1.5bn ConocoPhillips Nigeria acquisition deal.
Oando Energy Resources holds a 40 percent working interest in the field. In its capacity as technical services provider, the company, together with the operator and 60 percent owner, Network Exploration and Production Nigeria Limited (NEPN), brought the field from conceptualisation, through development, to first oil in two years, a record time for fields of this nature in Nigeria.
The commercial oil production from the field’s reservoirs has now commenced at 2,150bpd. The crude processing facility commissioned in the fourth quarter of 2014, was delayed until the completion of the associated cluster crude delivery and sales infrastructure into the Qua Iboe Terminal.
Pade Durotoye, CEO Oando Energy Resources said; “We are delighted to have achieved this milestone, having taken this field through the full cycle of asset development, from drilling to facility engineering, construction and commissioning and also increasing our organic production contribution from our portfolio. “We will now be focusing our attention on maturing the potential of this field through seismic acquisition and interpretation, and a possible multi-well drilling programme.
We hope the Qua Iboe field will follow in the footsteps of our successful Ebendo field, where production has increased from 900bopd (gross) at inception to over 7,500bopd (gross) through the identification and drilling of new reservoirs in the field”, Durotoye added.
Source: Businessday
