TotalEnergies, an international oil company, IoC, has made a major oil find in Oil Mining Lease, OML102, offshore Nigeria.
The oil find, popularly known as “the Ntokon-1AX discovery” has the prospect of sustaining a commercial production that would culminate in increasing Nigeria’s oil reserves.
The nation’s oil and gas reserves have stagnated at 37 billion barrels and more than 200 trillion standard cubic feet of proven gas reserves for decades respectively, thus constraining increased production as demanded by the Organisation of Petroleum Exporting Countries, OPEC.
In a statement obtained by Vanguard, Total Energies, stated: “Located in shallow waters, 60 km off the southeast coast of Nigeria, the Ntokon-1AX discovery well encountered 38 meters of net oil pay and 15 meters of net gas pay, while its side-track Ntokon-1G1 encountered 73 meters of net oil pay, in well-developed and excellent quality reservoirs. Ntokon-1G1 tested successfully up to a maximum rate of about 5,000 barrels per day of 40° API oil.
“Located 20 km from the Ofon field facilities on OML102, Ntokon is planned to be developed through a tie-back to these existing facilities.”
“The Ntokon discovery opens a promising outlook for a new tie-back development’’, said Nicolas Terraz, President, Exploration & Production at TotalEnergies.
The company also stated: “After the start-up of production of the Ikike tie-back on OML99 in 2022, this new success in the area further demonstrates the potential of nearby exploration to create value within our low-cost, low-emission strategy”.
“OML 102 is operated by TotalEnergies EP Nigeria with a 40% interest, alongside partner NNPC Ltd with the remaining 60%.”
Vanguard
