Gulf Oil and Gas accountACCOUNT

Statoil Approves the Participation in Agbami Development

Source: www.gulfoilandgas.com 9/10/2004, Location: Africa

The Statoil board has approved plans for the group’s participation with an 18.85 per cent interest in a unitised development of the Agbami oil field off Nigeria.

This country is defined as a possible core asset for Statoil, and Agbami will play an important role in the growth of group production in the short term.

The project will provide some 40,000 daily barrels of equity crude at plateau, says Roald Riise, senior vice president for development and production in International Exploration & Production (INT).

Located 110 kilometres off Nigeria in 1,500 metres of water, the field is set to produce 250,000 barrels per day when it comes on stream in the first quarter of 2008.

Agbami was proven in block 216 by Texaco during 1998. Two years later, Statoil’s Ekoli-1 well confirmed that the discovery extends into block 217.

Development of the field has been unitised between these two blocks. ChevronTexaco is operator with a 68.15 per cent interest, while Petrobras holds the remaining 13 per cent.

With reserves put at 770 million barrels, Agbami is to be developed with a subsea production system tied back to a production and storage ship.

The latter will be almost identical with the vessel producing the Girassol development off Angola, in which Statoil has an interest of 13.33 per cent.

Plans call for plateau output to be reached within six months of the start to production.

Associated gas will be separated from the wellstream and returned to the reservoir.

“We want to contribute our experience from fields with similar subsea installations and ships for production and storage,” says Mr Riise.

Statoil will play an active role in the development, with dedicated personnel seconded to the project team. Mr Riise reports that five key staff are already in place.

Acquisitions and Divestitures News in Nigeria >>

Australia >>  3/26/2020 - 3D Oil has announced that ConocoPhillips Australia and TDO’s wholly owned subsidiary, 3D Oil T49P have executed a Joint Operating Agreement ('JOA') in...
Australia >>  3/26/2020 - Real Energy, an Australian east coast focused gas company with interests in the Cooper and Surat Basins has announced that the Queensland Government h...

Georgia >>  3/26/2020 - Block Energy Plc has entered into a sale and purchase agreement ("SPA") with Schlumberger B.V. to acquire its subsidiary Schlumberger Rustaveli Compan...
Congo >>  3/24/2020 - Zenith Energy Ltd., has entered into a conditional Deed of Variation (the "Deed of Variation") to amend the terms of the consideration (the "Considera...

Falkland Islands >>  3/19/2020 - Rockhopper Exploration plc (RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, provides the foll...
Brazil >>  3/18/2020 - Petrobras, following up on the release dated 01/15/2020, announces the beginning of the binding phase regarding the sale of its entire interest in two...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

Oil & Gas Projects in Nigeria >>

More News

Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.