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Tuesday, April 4, 2017
Lekoil and GE entered into a MoU for the development of a work program for Lekoil’s Ogo field on Nigeria’s OPL 310. Under the MoU Lekoil will leverage GE Oil & Gas’ equipment and technical expertise.
With the goal of launching its OPL 310 appraisal program,Lekoil is in discussions with potential partners for the block. The company plans to spud an appraisal well on OPL 310 by late-2017 or early-2018.
Following the successful completion of the appraisal phase, and subject to the fulfilment of a number of conditions including a positive well result, GE Oil & Gas, through a consortium SPV, and Lekoil through its funding partners, intend to invest funds towards the full field development capital of the project. Lekoil estimates this cost to be $400million for full field oil development and $600million for subsequent upstream gas field development.
GE Oil & Gas is expected to receive a percentage of Lekoil’s future cash flows from the Ogo Field, as well as the ability to supply its products and provide technical expertise throughout the life of the project.The company’s 40% participating interest in OPL310 will remain intact and unaffected by the terms of the MoU.
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