TotalFinaElf gets final official approval for offshore Amenam/Kpono field development

abarrelfullabarrelfull wrote on 09 May 2012 11:33

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June 9, 2000

TotalFinalElf announces that its Nigerian subsidiary, Elf Petroleum Nigeria Limited (EPNL) has signed an agreement with the Nigerian National Petroleum Corporation (NNPC) for the financing of the offshore Amenam/Kpono field.

The Amenam/Kpono field straddles blocks OML 99 (operated by EPNL for the NNPC/EPNL Joint Venture) and OML 70 (operated by Mobil Producing Nigeria Unlimited (MPNU) for the NNPC/MPNU Joint Venture) in a water depth of 40 meters.

Elf Petroleum Nigeria Limited is the Unit Operator on the Amenam/Kpono field, in which NNPC owns a 60% interest. EPNL and MPNU’s interests will be determined in a future unitization agreement currently under discussion. Initial interests are 31.2% for EPNL and 8.8% for MPNU.

Amenam/Kpono was one of the joint venture fields for which alternative funding was discussed with NNPC. Following the agreement signed on June 7, EPNL will assure the financing of NNPC’s share of development expenditures pertaining to the Amenam/Kpono field.

The field was discovered in 1990 with the well AMN-1 drilled by the NNPC/EPNL Joint Venture on OML 99. The NNPC/MPNU Joint Venture confirmed the continuation of the field into OML 70 with the drilling of another well, KPN-1, in 1995. The reservoirs are situated at depths greater than 3,500 meters below the sea level.

Almost 500 million barrels of oil are expected to be produced for an investment in the range of $1 billion. Production from the field will be evacuated through a 30-kilometer pipeline linking the production platform to the Floating Storage and Offloading (FSO) terminal located on EPNL’s Odudu field in OML 100.

The signing of the agreement provides the final official approval for the development work on the Amenam/Kpono field, which is planned to start very soon. Production start-up is planned for mid-2003. When fully on stream, it is estimated that the field will attain a production rate of about 125,000 barrels of oil per day. In line with the zero gas-flaring policy, the associated gas will be either re-injected or commercialized through the nearby NLNG plant in Bonny. The field is expected to have a production life of over 25 years.
TotalFinaElf’s upstream strategy in West Africa is focussed on the exploration and exploitation of first-rate assets, notably in deep offshore in the Gulf of Guinea. The Group is the fourth largest oil and gas producer in Nigeria with a daily production of 140,000 barrels of oil and 6 million cubic meters of gas. In addition, it is the leading producer of hydrocarbons on the African continent with a daily production of 620,000 barrels oil equivalent.

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