The 3D seismic acquisition and processing operations on the Otakikpo field offshore Nigeria have been completed with interpretation being the next step.
The Otakikpo field is operated by Green Energy International Limited with Lekoil, as a financial and technical partner, holding a 40% interest.
Lekoil said on Thursday that the acquisition was undertaken by Sinopec Changjiang Engineering Services Limited.
The company added that the data interpretation stage was underway and the results of which would form the basis of an updated competent person’s report to be published in the first quarter of 2019.
According to Lekoil, the seismic data interpretation is expected to complete by year-end 2018.
Sinopec was awarded the contract for 3D seismic coverage of the field in January 2018. Sinopec was contracted to acquire 197 sq km of 3D seismic data at the field, onshore and offshore in the south-eastern part of the Niger Delta, to update the existing 2D coverage. Seismic shooting over Otakikpo started in early February.
Lekoil also said on Thursday that the joint venture partners were continuing work on Phase Two of the Otakikpo Field development plan which aims to increase steady state production from the field up to approximately 20,000 bopd.
“The completion of this seismic survey, and planned development wells in the Phase Two program, will assist the joint venture in optimizing development and production. The company is in discussions with potential industry partners with a view to one or more parties agreeing to fund Phase Two development costs,” Lekoil said.
Otakikpo currently has an estimated 56.6 mmbls of gross unrisked 2C contingent resources and an additional 163.0 mmbls gross of Stock Tank Oil Initially In Place (STOIIP) upside on a P50, unrisked basis.
The Otakikpo field development plan consists of two phases. Phase One comprises the recompletions of two wells, Otakikpo-002 and Otakikpo-003, with the installation of an early production facility of 10,000 bopd capacity and export via shuttle tanker.
Phase Two covers the subsequent incremental development of the rest of the field with new wells.