Seplat Energy targets 50 million barrels, moves into OML 52

Olubunmi Martins

Seplat Energy Ltd has announced plans to commence drilling activities on Oil Mining Lease (OML) 52. The company made the announcement in a document seen by EnergyDay.

In the statement Seplat asked contractors to tender for civil work construction services, a key component that precedes drilling programs for crude oil and gas resource production.

According to Nigeria’s leading oil and gas company, the civil works will support infrastructure to open up access to drilling sites, with a focus on new wells and the rehabilitation of existing structures. It added that the tender invitation to contractors closes in mid-April.

Seplat further said it is committed to improving the capacity of indigenous service providers on this project.

OML 53 is a joint venture asset held in partnership between the NNPC and Seplat Energy, following the divestment of Chevron Nigeria Limited from the asset. Seplat Energy has picked up 40% of the equity for USD 254.6 million and also emerged as the asset operator. NNPC retains a majority stake of 60%.

In a previous announcement, Seplat disclosed that it could recover as much as 51 million barrels of oil and 611 billion standard cubic feet of gas from its investment while also fulfilling gas supplies to the domestic market.

“We very much look forward to working with NNPC and leveraging our technical and commercial expertise as operators to realize the full potential of this high-grade acreage.”

EnergyDay checks reveal that OML 52 is closely intertwined with the large Ohaji South gas and condensate field, a development that is presently ongoing with Shell Petroleum on adjacent OML 21.

Seplat Energy, which is listed on the Nigerian Exchange and the London Stock Exchange, recently acquired the entire share capital of Mobil Producing Nigeria Unlimited (“MPNU”) from Exxon Mobil Corporation.