Green Energy International Limited, the Operator of the Otakikpo Marginal Field in OML 11 Rivers state, has commenced the process for the acquisition of 3D seismic data to maximize opportunities from the field.
Towards this end, the company has contracted a renowned Chinese company, SINOPEC Changjiang Engineering Services Limited for the 3D seismic acquisition program of the marginal field. Acquisition process will commence in January 2018 and is expected to be completed by June 2018.
Also the approval of the Department of Petroleum Resources (DPR) has been obtained for the exercise. GEIL was also able to attract a unique vendor financing deal with SINOPEC in which payment for the 3D seismic cost will be from cashflow from existing field production spread over the stages of the project.
The 3D seismic imaging is required to improve the subsurface understanding of the Otakikpo tested geological structure. The 3D Data will be used to high grade and de‐risk opportunities in the farmout area as well as to increase exploration success rates of the untested structures (Otakikpo South) on the asset. The field which commenced production in February this year, is presently producing over 7000bopd.
Dr. Bunu Alibe the Technical Director said that “The Otakikpo Farmout Area also has a large untested structure (Otakikpo South) with well-established hydrocarbon systems, which offer exceptional growth opportunities for Green Energy International Limited.