Energy

Lekoil may seek additional funding, targets 20,000 bpd from field

Published

8 years ago

June 12, 2018

Africa-focused oil exploration and production company, Lekoil limited has revealed plans to scale up production volume and productivity to 20,000 barrels per day from its current 8,000 barrels per day at its Otakikpo oil field by 2020.

National Daily learnt that the company is also planning to add a two-well appraisal drilling programme at Ogo field, with long lead time items such as wellheads which have been ordered.

Chief Executive Officer, Lekan Akinyanmi, also disclosed plans to acquire an additional 22.86 per cent stake in OPL 310 which will take its total interest in the asset to 40 per cent.

This, National Daily gathered will be followed by a funding plan for the drilling exercise.

According to Akinyanmi, the company’s priority for 2018 is to continue to grow production volumes and profitability at Otakikpo. ” Our planning for phase 2 field development is already underway, targeting 20,000 bpd to be reached in 2020, subject to securing additional funding from industry sources.”

He further added that the aim of the company is to secure enough information to enable its partners to take a Final Investment Decision in 2019 and then to proceed with development in partnership with GE Oil & Gas.

Lekoil had earlier signed a Memorandum of Understanding (MoU) with GE Oil & Gas for the full field development ofOfield.

Lekoil is an Africa-focused oil exploration and production company with interests currently in Nigeria and offshore Namibia.

The company was founded in 2010 by a group of leading professionals with extensive experience in the international upstream oil and gas industry as well as in global fund management and investment banking.