The Otakikpo joint venture has completed the first crude oil lifting of 2020 from the Otakikpo field located offshore Nigeria.
The Otakikpo JV, consisting of Green Energy International Limited (GEIL) as the operator, and technical partner Lekoil said on Monday that the first crude oil lifting of this year from the Otakikpo Marginal Field in OML 11 was completed on Friday, January 25.
The nominated offtaker was Shell Western Supply and Trading Limited, a member of the Royal Dutch Shell group of companies.
Lekoil said that the cash proceeds from this crude oil lifting amounted to $7 million. According to the company, the next lifting, of a similar quantity, is expected to occur within the next four to six weeks.
It is worth stating that production from Otakikpo averaged 5,305 bopd gross for the full-year 2019. For the first twenty days of this year, production at Otakikpo averaged 5,860 bopd gross.
Lekoil added that the planned phased development plan for the Otakikpo project, which consists of drilling between five and seven new wells, would be financed by a project finance debt facility.
To remind, the Otakikpo JV executed a memorandum of understanding with Schlumberger and a subsidiary of a major international oil company for the expansion project which has the potential to increase production on the field up to 20,000 bopd.
Lekan Akinyanmi, Lekoil CEO, said: “Otakikpo continues to provide steady production and cashflow for Lekoil. We are delighted with the collaborative progress being made by all parties towards the development and transformation project planned for Otakikpo that is aimed at increasing production from the field. We remain fully focused to generate value on this asset for all shareholders.”
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