GEIL Commences Phase 2 Development of Otakikpo Oil Field
The indigenous integrated energy firm operating the Otakikpo Marginal Field, the Green Energy International Limited (GEIL), has announced its beginning of the Phase-2 development of the field located at the Oil Mining Lease (OML) 11 in Rivers state with the drilling of two development wells.
The energy firm, which currently operates the field through a 10,000bpd oil handling, a 20mmscf gas handling processing equipment and 20,000bpd export facilities, confirmed that it had mobilized the rig and vendors for the execution of the drilling program.
According to GEIL’s current operation, Crude evacuation is done through an 8km pipeline that stretches 6km into the Atlantic, where a shuttle vessel receives the crude and cargos to a 3rd party terminal for export.
At the end of successful drilling and hook up of the proposed two wells, it is expected that the production from the field would be ramped up from current 5,000 bopd to 10,000 bopd.
Speaking on the project, the GEIL, chief executive officer (CEO), Prof. Anthony Adegbulugbe, said that, “The production ramp-up will make GEIL the highest producer amongst marginal field producers in Nigeria. This comes in a good time when Nigeria’s production has declined in recent times and the country struggles to meet its OPEC production quota.”
Speaking further, the GEIL boss said he is satisfied with the progress the firm has made in its efforts to ensure the greenhouse effect is eliminated completely in its operations.
“We will continue to strive to position our company as one of the elite companies to deliver the energy the world deserves through a powerful combination of capital efficiency, low costs and sustainable development,” Prof. Adegbulugbe said.
The CEO also confirmed that drilling of the first two wells is part of a staged approach to the field Phase 2 development; adding that to ensure proper capital stewardship and reduce subsurface and project uncertainties, the firm has modified its funding and project management strategies for the Phase 2 development.
He therefore assured the company’s stakeholders that the firm is poised to deliver the first onshore terminal in Nigeria in over 50 years, and the first to be indigenously owned and operated.
This critical national infrastructure, according Prof. Adegbulugbe, is intended to provide an available, efficient and more cost-effective route to the market to several stranded marginal fields in the area.
The CEO reiterated that GEIL will continue to earn the trust and respect of all its stakeholders by acting and operating with integrity and highest ethical standards. He added that the company’s plan to build and maintain its culture and reputation remains the major factor that forms its determination to work together – and with its partners – to achieve solutions and breakthroughs that benefit its shareholders and society.