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CAMAC Energy spuds Oyo-8 well offshore Nigeria


News » Business
Nigeria

20th June 2014

United States-based CAMAC Energy Inc. said the Oyo-8 development well located offshore Nigeria in Oil Mining Lease (OML) 120, was spudded on June 15, 2014. CAMAC Energy is the operator and owns a 100 percent working interest in OML 120.

The development well lies within the Oyo field, which was one of the first deepwater oil discoveries made in Nigeria. The field is located approximately 75 kilometres offshore Nigeria in water depths of approximately 300 meters.

Oyo-8 well will be drilled by the Northern Offshore Energy Searcher drillship to a total depth of approximately 1,800 meters in water depths of approximately 310 meters, and will produce from the Pliocene reservoir, the company said in a statement published on its website recently.

The well is expected to commence production in the fourth quarter of this year and, together with the Oyo-7 well which will be completed subsequent to the Oyo-8 well, is expected to significantly increase production from the Oyo field.

CAMAC Energy had in May announced the arrival of the Energy Searcher drillship in Nigeria for the Oyo field development.

The rig, which is capable of drilling to total depths of up to 25,000 feet, and in water depths of up to 2,500 feet, is under contract for an initial term of one year, which may be extended for an additional one year, to carry out the company’s development programme for the Oyo field and to drill one or more high-impact exploration wells on OMLs 120 and 121 offshore Nigeria.

CAMAC Energy, which explores for oil and gas mostly in Nigeria, had in February closed the acquisition of the remaining economic interests that it did not already own in the production sharing contract covering OMLs 120 and 121 offshore Nigeria, which include the currently producing Oyo field, from Allied Energy.

CAMAC Energy is an independent oil and gas exploration and production company focused on energy resources in Africa, with asset portfolio consisting of nine licences across four countries covering an area of 43,000 square kilometres, including existing production and other projects offshore Nigeria, as well as exploration licences with hydrocarbon potential offshore Ghana, onshore and offshore Kenya, and offshore Gambia.

Article Credit: Business Day News

Updated 5 Years ago
 

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