Kyari’s Intervention Unlocked Fresh 30,000 Barrels Per Day Crude Oil Production From OML 130—Total Energies DMD

The Deputy Managing Director, Deepwater Asset, TotalEnergies Upstream Nigeria Limited (TUPNI), Mr Victor Bandele, has said the intervention of the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mr Mele Kyari has unlocked fresh 30,000 barrels per day of crude oil from OML 130.

He said this when he featured as a guest at the NNPC Upstream Investment Management Services (NUIMS) 2023 Annual Value Assurance Review (AVAR) holding at Eko Hotel & Suites in Lagos.

Bandele’s visit was an opportunity to express his deepfelt appreciation for the Group Chief Executive Officer’s patriotic intervention in enabling the deepwater Production Sharing Contract (PSC) to engage the services of Gerry De Souza Drillship to commence the long-due drilling campaign of seven development wells and one exploratory well.

This assisted in arresting production decline on the asset and unlock up to 30,000 barrels per day of new oil from the Egina and Akpo fields before the end of the year 2023.

This will generate more value for stakeholders, improve the capacity utilization of the best-in-class Egina Floating, Production, Storage and Offloading (FPSO) Vessel, and ensure the attainment of the desired benefits from the attractive crude oil prices in the market.

He reiterated his confidence in the leadership of NNPC Ltd and applauded the Upstream Investment Managers, NUIMS, under the Chief Upstream Investment Officer, Mr Bala Wunti, for always being a step ahead and setting the pace for innovation in the Nigerian upstream oil and gas industry.

The DMD also announced to the gathering that TUPNI has secured the alignment of all the partners on OML 130 to progress with the lease renewal with a target to close out before the end of May 2023.

The lease renewal will pave the way to firm up discussions on the Preowei and Egina West projects lined up by TUPNI and the OML 130 partners to introduce additional volumes to the Egina FPSO.

TUPNI is also on course to hit the milestone of one billion barrels of Crude Oil production on the Akpo field within a period of 15.5 years.

He attributed this success to excellent reservoir management and the instrumental role played by NUIMS and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in providing the necessary support.

Bandele, impressed by the objectives of the NUIMS Value Assurance Review, promised to replicate the same in his organization.

In wrapping up his remarks, he briefly highlighted the remarkable achievement OML 130 has recorded in terms of gas production and monetization from both the Akpo and Egina fields.Both fields have an outstanding record of zero gas flare.

While responding to the DMD’s remarks, Wunti promised that innovation had become a culture at NUIMS and pledged the support of NUIMS to ensure TUPNI and the OML 130 partners achieve their development objectives for the benefit of all stakeholders.

The AVAR is a strategic forum where key issues that shape the oil and gas upstream business landscape are reviewed, and the direction is set with the sole objective of guaranteeing short-term success and long-term value is delivered to all stakeholders.

The NUIMS 2023 AVAR is geared towards consolidating on gains for growth in the PIA era, with a laser focus on the ways NUIMS can better attract and manage capital for sustainable growth by emplacing plans to protect, preserve, and promote NNPC Ltd.’s upstream business objectives.

The outcomes of AVAR will also serve as relevant input to the ongoing efforts by NUIMS to be well-positioned to attract the required investments into the industry.