Lekoil Updates Otakikpo Marginal Field
LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, provides the following operational and trading update in respect of the Otakikpo Marginal Field the Company’s sole producing asset.
On behalf of the Otakikpo Joint Venture (“Otakikpo JV”) which is made up of Green Energy International Limited (“GEIL”), the Operator of the Otakikpo Marginal Field, and the Technical Partner, LEKOIL Oil and Gas Investments Limited (“LOGL”), a member of the LEKOIL Limited group, an update on operational performance for the Otakikpo Marginal Field (“Otakikpo”) in OML 11 is as follows:
- Average production for the five months starting 1 July 2020, was 4,519 bopd gross with 1,807 bopd net to LOGL (H1 2020: 5,676 bopd gross with 2,271 bopd net to LOGL);
- For the full year 2020, average production levels are expected to be 5,150 bopd gross with 2,060 bopd net to LOGL;
- For the five months starting 1 July 2020, average production was 20% lower than for the average over the first six months of the year, mainly due to unscheduled deferment, including bad weather conditions and the replacement of damaged PLEM hoses, as well as due to Organization of the Petroleum Exporting Countries (“OPEC”) production cuts imposed by the Department of Petroleum Resources (“DPR”), which is the Petroleum Regulatory Agency of the Federal Republic of Nigeria;
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