Continental Focus, International Reach

Phase II at Otakikpo Approved

Wednesday, July 24, 2019

Green Energy International (GEIL) received approval from the Nigeria’s Department if Petroleum Resources (DPR) for the field development plan (FDP) and environmental impact assessment (EIA) for Phase II development of the Otakikpo marginal field in OML 11.

The approval follows the signing of a MoU with a consortium of international financiers for a package of more than $350 million to move forward the second phase development of Otakikpo. The consortium includes an international bank based in London, a crude oil off-taker, and an EPIC contractor.

The FDP involves the drilling of seven additional wells and expansion of the crude processing infrastructure. The plan also includes the construction of an onshore terminal with a capacity of 1.3 million barrels and a 17-km export pipeline to connect the terminal to an offshore loading system.

GEIL director of corporate affairs, Olusegun Ilori, said that the company intends to increase production from 6,000 bpd to 20,000 bpd.