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Tuesday, March 10, 2015
All the civil and pipeline works associated with the Qua Iboe field, and associated crude delivery and sales infrastructure have been completed according to Oando Energy Resources (OER). The field is now seeing commercial production of 2,150 boepd, gross.
OER holds a 40% working interest in the field and in its capacity as technical services provider, OER brought the field from conceptualization, through development, to first oil delivery. Partnering OER on the field is Network Exploration and Production Nigeria (NEPN), the field’s operator with a 60% stake.
The crude processing facility was commissioned in Q4 2014 but commercial production was delayed until the completion of the associated cluster crude delivery and sales infrastructure into the Qua Iboe Terminal.
“We are delighted to have achieved this milestone, having taken this field through the full cycle of asset development, from drilling to facility engineering, construction and commissioning, and also increasing our organic production contribution from our portfolio,” said Pade Durotoye, CEO Oando Energy Resources. “We will now be focusing our attention on maturing the potential of this field through seismic acquisition and interpretation, and a possible multi-well drilling program. We hope the Qua Iboe field will follow in the footsteps of our successful Ebendo field, where production has increased from 900bpd (gross) at inception to over 7,500bpd (gross) through the identification and drilling of new reservoirs in the field.”
The company identified the asset in 2012 and an agreement was reached with NEPN for OER to technically lead and fund certain aspects of NEPN’s costs until first oil. Consequently, post recovery of all loan repayments, OER is entitled to 90% of NEPN’s sales proceeds from its 60% share of crude oil production until the obligation is paid in full, with OER earning an additional 10% fee on the funded amount.
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