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Monday, November 20, 2017
Chevron and NNPC signed the second and final phase of the Alternative Financing Agreement, originally entered into in Q3 of this year. The second and final phase of the agreement is aimed at increasing production by roughly 39,000 bpd of crude oil and an incremental peak production of about 283 Mmcf/d of natural gas from Chevron.
MaikantiBaru, group MD of the state-run firm, said the project, on the Sonam and Okan fields in OMLs 90 and 9, is above 90% complete.
The NNPC chief also said that the incremental increases in production to be achieved by the agreement would be spread “over the remaining life of the asset, or until 2045.”
The project includes the completion of Chevron’s Sonam non-associated gas (NAG) well platform and Sonam living quarters platform; drilling of seven wells in the Sonam field and the Okan 30E NAG well; as well as the completion of the 20” x 32km Sonam pipeline and Okan pig receiver platform and development of the associated facilities.
“As we speak now, the facilities are 100% completed while wells are 40% executed,” Baru stated.
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