Sunday, October 1, 2023
Home EXPLORATIONS Ikike field will help Nigeria bridge oil production gap – TotalEnergies

Ikike field will help Nigeria bridge oil production gap – TotalEnergies

TotalEnergies on Wednesday said the commencement of production from its 50,000 barrels per day Ikike field would help Nigeria to bridge its oil production gap which had declined in recent times to 1.3 million barrels per day.

According to the Managing Director, TotalEnergies Exploration and Production Nigeria, Mr Mike Sangster, that is the type of project Nigeria needs now to meet its Organisation of the Petroleum Exporting Countries (OPEC) quota.

Speaking in Lagos at the 2022 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE), Sangster who was represented by the Deputy Managing Director, Deepwater, TotalEnergies E&P Nigeria, Mr Victor Bandele, Sangster said the field would add 50,000 barrels per day to Nigeria’s oil production.

Located 20 kilometers off the coast, at a depth of about 20 meters, the Ikike platform is tied back to the existing Amenam offshore facilities through a 14km multiphase pipeline, the Ikike project is a Joint Venture between TotalEnergies (40 per cent) and the Nigerian National Petroleum Company Ltd. (60 per cent).

He said: “That kind of the project first is low capex, which is what Nigeria needs now. It is high profit, which is what Nigeria needs now and it’s helping to bridge the gap that we have caused by ourselves. Today, our Organisation of the Petroleum Exporting Countries (OPEC) quota is 1.8 million barrels, we are producing less than 1.3 million. So, what for me is success is that we don’t waste the capacity that we should have as a country.

“When we are supposed to be producing 1.8 million, we should do more than that and be able to take benefits of what we have today.”

Sangster called for more collaboration among operators in the sector to optimise cost and improve efficiency in their operations.

He said there was a need for the industry stakeholders to work with the government in addressing the current security challenges such as pipeline vandalism and oil theft that was affecting the sector.


Court  vacates Interim Court Orders against Seplat CEO, Roger Brown

The ex parte Interim Orders, according to a statement issued by Mr. Basil Omiyi, Independent Chairman, on behalf of the board, were in relation to a court petition filed by 5 persons who claim to be minority shareholders of the Company, collectively holding 161 units of shares. 

Nigeria targets 400,000bpd from Owowo, Bonga

He explained that following the approvals for Field Development Programmes (FDP) for some of the 2020 marginal field bid investors, the commission is optimistic of exceeding the OPEC quota.

OML 65: Sirius concludes $200m loan deal with Trafigura

OML 65 is a producing onshore block with 2P reserves of 51 mmbbls.   The existing producing field, Abura, which has been in production since the 1970s, has been ascribed 16.2 mmbbls remaining 2P reserves1 and is currently producing c.10,500 bopd.


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Emefiele meets Tinubu at Aso Rock

Wale Edun, former Lagos Finance Commissioner; and James Faleke, a House of Reps member, were also at the villa.

Oil marketers endorse fuel subsidy removal, pledge minimal adjustments 

We once again laud President Tinubu for his bold vision and stand ready to collaborate with his administration in its effort to promote greater economic equality and prosperity for all Nigerians.

Firm unveils 20KG composite cooking gas cylinders to Nigerian Market

According to him, the 20kg LPG cylinder goes for N75,000 due to increase in foreign exchange and is also more competitive.

Allegation of illegal sale of 48m barrels of crude false, Malami insists

Recall that the minister took the same position when he first appeared before the panel on April 27, 2023 to give testimony.

Recent Comments