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The oil and gas company stated that the
JV has signed the MOU with Schlumberger and a subsidiary of a major
international oil company which has been operating in Nigeria for more than
half a century.
The MOU covers a comprehensive
programme for sharing and drilling infrastructure around a group of marginal
field assets in OML 11.
The phased development plan of the
project consists of drilling up to five new wells in Otakikpo, expanding
processing infrastructure to comprise an onshore terminal to be located outside
the Otakikpo field operations area, construction of an export pipeline
connecting the onshore terminal to an offshore buoy to handle Otakikpo and
other fields in OML11.
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Project management and associated asset
management costs provided by Schlumberger will be shared between the JV and the
operators and owners of other marginal fields participating in the project.
The company said capital expenditure to
be incurred by the JV is expected to be approximately US$170mn covering new
wells and processing infrastructure, of which Lekoil is expected to fund
US$68mn.
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The JV will also enter into an
exclusive offtake agreement with the major oil company for the sale of crude
produced pursuant to this project. Schlumberger will act as technical and
project execution partner to provide oilfield services and project management
services to assist in ramping up production and long-term field management.
The CEO of Lekoil, Lekan Akinyanmi, commented, “This MOU is a
significant milestone for Lekoil and the Otakikpo JV. It secures the necessary
funding, subject to the various conditions being satisfied, to drill additional
wells and unlock further value at Otakikpo.
“We are pleased to be working
with Schlumberger and other members of the consortium. We look forward to the
transformation of operations infrastructure and an opportunity to earning revenue
along the value chain.”
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