The Guardian (Nigeria)

Firm secures approval for phase two devt of Otakikpo oil field

- From Kingsley Jeremiah, Abuja

THefederal Government through the Department of Petroleum Resources (DPR) has granted approval for the full Field Developmen­t Plan (FDP) and Environmen­tal Impact Assessment (EIA) of Otakikpo marginal field.

With the approval of the field under Oil Mining Lease OML 11 and operated by Green Energy Internatio­nal Limited (GEIL), the company plans to increase production from 6000 barrels per day (bpd) to 20,000 bpd, Chairman of the company, Prof. Anthony Adegbulugb­e stated.

Coming on the heels of its MOU for a finance package of over $350 million from internatio­nal financiers, the com

pany stated in a release that the approved FDP project consists of drilling of additional seven wells, expanding crude processing infrastruc­ture, constructi­on of a 1.3 million barrels onshore terminal and the constructi­on of a 17Km export pipeline connecting the terminal to an offshore loading system. The EIA approval also gave the company the nod for its environmen­tally compliant plans to develop the field with due regard to internatio­nal best practices in the protection of the environmen­t and the ecosystem.

Adegbulugb­e commended DPR for the approval as it complement­s the efforts of the operator in attracting the necessary financing to unlock the potential of the field and boosts investors confidence in the project.

“This marks a major step forward for us and our partners, to fully develop Otakikpo field, we are happy to see our assets moving forward into the full developmen­t stage and generate significan­t cash flow.”

“We are aiming to be the benchmark for developing and maximising hydrocarbo­ns in the country in a most environmen­tally compliant manner,” he said.

The Chairman said the field developmen­t plan envisages zero gas flares through the implementa­tion of gas to power and LPG production among others under the small scale gas utilizatio­n programme(ssgup) pioneered by the company.

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