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Thursday, February 6, 2014
Eland Oil & Gas saw the commencement of oil production from its Opuama oilfield located on OML 40 onshore Nigeria on February 4. Production commenced following successful testing and commissioning of the field facilities.
Production recommenced through the successful re-commissioning of existing infrastructure and the re-opening of two existing wells. Gross output from these two wells is expected to stabilize in aggregate at around 2,500 bpd of oil. The oil produced will be delivered to the Shell Forcados export terminal via Eland’s recently re-commissioned flowstation and export pipeline, with a capacity to export up to 30,000 bpd.
Opuama is operated by NPDC. The field, which has gross recoverable 2P reserves of 54.2 million barrels, was in production between 1975 and 2006 before SPDC undertook a controlled shut down of the facilities. NPDC holds a 55% interest in OML 40. The remaining 45% interest is owned by Eland’s joint venture company, Elcrest Exploration and Production Nigeria.
Les Blair, CEO of Eland Oil & Gas, commented: “The commencement of production on OML 40 has been much anticipated by management and investors alike, and indeed by all stakeholders. It is a testament to the dedication and hard work of all stakeholders in OML 40 and is a hugely significant milestone for Eland. We look forward enthusiastically to the prospect of building on this pivotal turning point by materially increasing the daily production through the planned development drilling during 2014.”
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