Lekoil collects Otakikpo cash

Oil company Lekoil has received payment for its first oil cargo lifted from the Otakikpo Marginal Field in OML 11, offshore Nigeria.

The first cargo from the Aisla Craig floating storage and offloading unit was sold in May to a subsidiary of Shell. At the time, Lekoil said that 120,000 barrels of gross production had been lifted.

Lekoil has now said it has received its payment for the Otakikpo crude.

Otakikpo is situated in Nigeria’s coastal swamp location in oil mining lease (OML) 11, adjacent to the shoreline in the south-eastern part of the Niger Delta.

The field is operated by the Nigerian oil and gas company Green Energy International with a 60 percent interest while Lekoil holds the remaining 40 percent as a technical and financial partner.

While Lekoil did not disclose the financial details of the sale, it said it had realized a small premium to Brent Crude pricing before marketing and related costs over the given period, citing quality the Otakikpo crude blend.

Current production at Otakikpo is approximately 5,500 bopd. With production gradually ramping up, the company said it was looking to establish more frequent regular liftings as it focuses on increasing production through year end.

The company has previously said that it is focusing on ramping up to production of 10,000 bopd, expected to happen by year-end.

Offshore Energy Today Staff

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