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‘How marginal oil field producers can survive hard times’

The chairman of Green Energy International Ltd, operator of the Otakikpo marginal field located on oil mining lease (OML) 11, Prof Anthony Adegbulugbe has said that the sustainability of Africa’s marginal oil field producers depend on their ability to leverage on other unique opportunities in the oil and gas business beyond only upstream activity.

Prof. Adegbulugbe said this at the just concluded African Marginal & Independent Oil and Gas Producers conference, held in London recently.

According to a statement, the chairman who spoke on the theme, “Financial Sustainability and Efficiency of Marginal Field Operations” said that sustainable development strategies must include reduction in operational cost per barrel, diversification of revenue base, linkage of upstream and downstream opportunities among other measures.

Citing Green Energy as a case study, Adegbulugbe said the company’s strategy of linking Otakikpo’s upstream activities to the larger economy tremendously de-risked the marginal field.

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He said the company had already secured from the federal government the license to construct (LTC) an LPG plant being manufactured in China.

Also part of the sustainability strategy, according to him, is the development of 10,000 barrels per day (bpd) Otakikpo refinery and a diesel plant for which license has been obtained with a conceptual design already done.

 

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