LEKOIL, an oil and gas exploration and production company, says it is set to deepen its growth and strategic investment in Nigeria in 2019.
The management of the company made this disclosure in a statement that accompanied its 2018 financial report.
According to the 2018 financial report, production at the Otakikpo marginal field averaged approximately 5,345 bopd, while strategic decisions and steps towards increasing production commenced.
Olalekan Akinyanmi, chief executive officer, LEKOIL, said: “The priority for 2019 is to grow production volumes at Otakikpo through Phase Two development (subject to funding) to reach gross volumes of 15,000 to 20,000 bopd. The first step has already occurred, with 3D seismic data acquisition and interpretation now completed.
Advertisement
“We also continue to advance towards the start of the appraisal drilling programme on Ogo in OPL 310. We will work with our joint venture partner, Optimum, to negotiate agreements that will allow us to make progress on the block, after securing all relevant regulatory extensions and approvals.
“The next year should therefore provide key catalysts for value appreciation for shareholders as we move forward in building a leading Africa-focused exploration and production business.”
LEKOIL says it has an ambition of becoming the world’s leading exploration and production company focused on Africa.
Advertisement
Add a comment
