Continental Focus, International Reach

Nigeria’s OPL 310 Sees Extension to Operators

Monday, September 9, 2019

Nigeria’s Ministry of Petroleum has approved Lekoil and Optimum Petroleum Development Company’s request to extend the exploration license on the OPL 310. The extension is for three years, subject to the partners paying an extension fee of $7.5 million within 90 days effective from August 2.

Lekoil and Optimum, who is the operator of OPL 310, recently agreed to progress the appraisal of the block and subsequent conversion to an OML at the end of the exploration period, as soon as practicable. Following a successful appraisal, a full field development (FFD) program will be undertaken for which, Lekoil and Optimum are in advanced discussions with a Potential Funding Partner.