Green Energy Secures Approval For Otakikpo Field Phase II Development
Green Energy International (GEIL) has obtained approval from the federal government for the field development plan (FDP) and environmental impact assessment (EIA) for Phase II development of Otakikpo marginal field in Oil Mining Lease OML 11 in Nigeria.
Green Energy International (GEIL) has obtained approval from the federal government for the field development plan (FDP) and environmental impact assessment (EIA) for Phase II development of Otakikpo marginal field in Oil Mining Lease OML 11 in Nigeria.
The company has secured the approvals from the Department of Petroleum Resources (DPR), the oil and gas industry regulator of Nigeria.
Recently, GEIL signed a Memorandum of Understanding (MoU) with a consortium of international financiers for a package of more than $350m to take forward the second phase development of Otakikpo. The consortium includes an international bank based in London, a crude oil off-taker and an EPIC contractor.
The FDP of the project involves the drilling of seven additional wells and expansion of the crude processing infrastructure. The plan also includes the construction of a 1.3 million barrels onshore terminal and a 17km export pipeline to connect the terminal to an offshore loading system.
GEIL director of corporate affairs Olusegun Ilori said that the company intends to increase production from 6,000 barrels per day (bpd) to 20,000bpd.
The approval for the EIA will allow the company to develop the field in accordance with international best practices to protect the environment and the ecosystem.
In a statement, GEIL chairman Anthony Adegbulugbe said that the approval complements the efforts of the company in attracting financing to unlock the potential of the field and boost investor confidence.
He said: “This marks a major step forward for us and our partners, to fully develop Otakikpo field, we are happy to see our assets moving forward into full development stage and generate significant cashflow.
“We are aiming to be the benchmark for developing and maximising hydrocarbons in the country in a most environmentally compliant manner.”
Adegbulugbe said that the FDP aims at achieving zero gas flares through the gas to power and LPG production under the company’s small-scale gas utilisation programme (SSGUP).
