Oando Announces that the NNPC/NAOC/OANDO JV has made Significant Gas & Condensates Discovery Onshore Niger Delta

Must Read

Spectranet and Nokia to provide 100+ Mbps ultra broadband services with FTTH to home and business users in Nigeria

Nokia GPON solution helps Spectranet better serve its customers by adding FTTH services to its current portfolio of...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Zenith Bank Earnings Update 9M-19: Rapidly driving e-banking volumes

Zenith Bank Plc (“ZENITH”) released its 9M-19 results earlier, showing a 3.5%y/y growth in Gross Earnings (GE) to N491.3bn....
- Advertisement -
- Advertisement -

LAGOS, NIGERIA September 4, 2019 – Oando PLC (referred to as “Oando” or the “Group”), through its Upstream subsidiary Oando Energy Resources (OER) is pleased to announce that the NNPC/NAOC/OANDO Joint Venture (NNPC 60%, Oando 20% and NAOC the operator 20%), has made a significant gas and condensate find in the deeper sequences of the Obiafu-Obrikom fields, in OML61, onshore Niger Delta.

The Obiafu-41 Deep appraisal/exploration well has reached a total depth of 4.374m encountering an important gas and condensate accumulation within the deltaic sequence of Oligocene age comprising more than 130m of high-quality hydrocarbon-bearing sands. The find amounts to about 1 trillion cubic feet of gas and 60 million barrels of associated condensate in the deep drilled sequences. The discovery has further potential that will be assessed with the next appraisal campaign. The well can deliver in excess of 100 million standard cubic feet/day of gas and 3,000 barrels/day of associated condensates. The discovery is part of a drilling campaign planned by the Joint Venture aimed at exploring near-field and deep pool opportunities as immediate time to market opportunities.

Read:  NNPC Records Trading Surplus of ₦9.85Billion
Read:  NNPC, Kogi to Produce 84 Million Litres of Bio-fuel

OER is positive that this discovery will have an impact on its gas reserves. The impact will be determined and communicated to the market on the conclusion of the next annual independent reserves and resources evaluation.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Zedcap Partners Adjudged Best Brokerage Service Firm at 2019 FMDQ Gold Awards

Zedcap Partners Limited (ZPL), the Securities Brokerage arm of Zedcrest Capital Limited has been adjudged the Best Brokerage Service...

European Investment Bank Expands Trade & Investment Insurance Benefits To West Africa

European Investment Bank supports expanded membership of Africa Trade Insurance Agency; Availability of investment insurance to strengthen investment and reduce project financing costs; Agreements...

FBNQuest Merchant Bank Shares Insights To Generational Wealth Transfer At Its Wealth Management Customer Forum

FBNQuest Merchant Bank, the investment banking and asset management business of FBN Holdings Plc, recently hosted its clients to a Wealth Management Customer Forum,...

Stanbic IBTC Provides Succour For Limbless Children Through Together4ALimb Initiative

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has continued its quest to provide succour for children living without limbs through its...

More Articles Like This