Petroleum Africa
Find us on: 
Wednesday, December 17, 2014
Lekoil, the technical and financial partner on the Otakikpo project on OML 11 and its partner Green Energy have secured approvals for a well re-entry plan.
Earlier in the year Lekoil had announced that it expected to begin production in H2 2015, however based on an updated phased approach, production is now expected in H1 2015, six months ahead of the previous schedule.
Under the terms of the acquisition of the interest in Otakikpo, Lekoil will fund costs to first oil and be entitled to recover this expenditure preferentially.
Contracting has commenced for the rig, well services, and production facilities construction. Rig mobilization is initially expected within Q1 2015 at the same time as construction and the subsequent commissioning of production facilities.
Progress is being made on discussions with lenders to provide debt financing to be used as funding for an accelerated work program and it is expected that these discussions will conclude in Q1 2015.
" alt="TAG Oil Completes Fraccing Program at Egypt’s T100 Well in Western Desert">
" alt="Sintana to Expand Asset Base in Namibia with Acquisition">
" alt="Luanda Gives Afentra Nod for Azule Acquisition">
" alt="TotalEnergies Increases Stake in ROC’s Giant Moho Field and Sells Mature Assets">
" alt="Africa’s $824 Billion Debt Burden and Opaque Resource-Backed Loans Hinder its Potential">
" alt="African Refiners Ponder Threats to Energy Security for Africa as Transition Takes Center Stage">
" alt="Invictus Inks Gas Sales MOU to Deliver Power to Eureka Gold Mine">
" alt="Globeleq Acquires the 25 MWp Winnergy Solar PV Plant in Egypt">
