NDPR Becomes Marginal Field Operator

Friday, August 8, 2014

In Nigeria the farm-out agreement between Niger Delta Petroleum Resources (NDPR) and the NNPC/Chevron JV for the Omerelu field on OML 53 has been executed. NDPR was granted right of first refusal for the field once it was deemed marginal. The company is now a marginal field operator with two assets.

The Omerelu has 13 million barrels (P50) and ultimate gas recoverable of 8 Bcf, which will significantly augment NDPR’s booked reserves and future (short- to medium-term) production output.

NDPR initially exercised its right of first refusal six years ago and after a protracted and painstaking period of negotiations between all parties including the DPR, Omerelu is now an asset of the company. The process of formal transfer of the Omerelu Field to NDPR has already begun.

Dr. Layi Fatona, MD of NDEP which wholly owns NDPR, said: “With the Agreement now firmly in our possession, NDPR has a new lease of life. An exciting time lies ahead. As we work towards First Oil, we will draw from the lessons learnt in our journey as pioneers of marginal field development in Nigeria; not least the co-option of host communities through the Host Community Development & Environment Trust and the importance of working in an environmentally friendly manner.”

“Located to the north east of our existing Ogbele asset, and with adequate oil and gas reserves to justify a field development plan, Omerelu is a very welcome addition to the company. I would like to thank all who have supported the processes leading to the eventual execution of the Agreement.”

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