Gulf Oil and Gas accountACCOUNT

NDPR Executes Omerelu Farm out Agreement

Source: www.gulfoilandgas.com 8/4/2014, Location: Africa

The Omerelu Farm Out Agreement between Niger Delta Petroleum Resources Ltd (NDPR) and the NNPC/Chevron JV has been executed by all parties.

In this latest milestone attainment for the Company, NDPR has become the farmee of the Omerelu Field, located in OML 53, and is now a Marginal Field Operator with two assets. Omerelu has 13MM bls STB (P50) and ultimate gas recoverable of 8 Bscf, which will significantly augment NDPR’s booked reserves and future (short to medium term) production output.

NDPR was granted a right of first refusal of the Omerelu Field, at the same time that it negotiated and executed the Ogbele Field Farm Out Agreement (FOA) in 2000. The said right could be exercised only if and when Omerelu Field was declared a marginal oil field by the NNPC/Chevron JV. Six years ago, NDPR first exercised that right and after a protracted and painstaking period of negotiations between all parties including the DPR, Omerelu is now an asset of the Company. The process of formal transfer of the Omerelu Field to NDPR Ltd has already begun.

Dr. Layi Fatona, Managing Director of NDEP Plc which wholly owns NDPR Ltd, said: ‘With the Agreement now firmly in our possession, NDPR Ltd has a new lease of life. An exciting time lies ahead. As we work towards First Oil, we will draw from the lessons learnt in our journey as pioneers of marginal field development in Nigeria; not least the co-option of host communities through the Host Community Development & Environment Trust and the importance of working in an environmentally friendly manner.’

‘Located to the north east of our existing Ogbele asset, and with adequate oil and gas reserves to justify a field development plan, Omerelu is a very welcome addition to the Company. I would like to thank all who have supported the processes leading to the eventual execution of the Agreement.’

For more information about related Opportunities and Key Players visit West Africa Projects

Acquisitions and Divestitures News in Nigeria >>

United Kingdom >>  8/22/2019 - Reabold Resources is pleased to announce that it has increased its investment in Rathlin Energy (UK) Limited (Rathlin), the operator of the West Newto...
United States >>  8/22/2019 - 88 Energy Limited (88 Energy) provides the following update related to the farmout process for its conventional prospect portfolio at Project Icewine,...

Brazil >>  8/18/2019 - BW Offshore (BWO) has announced that The Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) has granted BW Offshore status as oper...
Morocco >>  8/18/2019 - Announcing its unaudited results for the six months ended 30 June 2019, Genel Energy said that, on the Sidi Moussa block offshore Morocco (Genel 75% w...

Brazil >>  8/8/2019 - Petrobras has started the teaser for the sale of all its stakes in 11 shallow water production fields in the Campos Basin, jointly known as Polo Garou...
Kuwait >>  8/7/2019 - Kuwait's Petrochemical Industries Company (PIC) has acquired 49 percent of operations of South Korean SKC, and the two firms agreed to establish a joi...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.