The Chief Executive Officer, Lekoil, Olalekan Akinyanmi, has disclosed a plan by the company to grow production volume at its Otakikpo field to 20,000 barrels per day, b/d.
In a note that accompanied its newly-released 2018 financial report, Akinyanmi stated that subject to funding, production should reach gross volumes of 15,000 to 20,000b/d in the field’s phase two development.
According to him, the first step towards the realisation of the target had already occurred, with the company’s successful acquisition and interpretation of 3D seismic data.
Akinyanmi, who spoke of the company’s focus on value appreciation for shareholders as its 2019 strategy, said: “The next year (2019) should, therefore, provide key catalysts for value appreciation for shareholders as we move forward in building a leading Africa-focused exploration and production business”.
“We also continue to advance toward the start of the appraisal drilling programme on Ogo in OPL 310. We will work with our joint venture partner, Optimum, to negotiate agreements that will allow us to make progress on the block, after securing all relevant regulatory extensions and approvals,” Akinyanmi added.
Apart from its interests in OPL 310, the company and its partners finalised technical evaluation on OPL 325 in January 2018. Its consultants, Lumina, identified and reported on 11 prospects and leads which were estimated to contain potential gross aggregate oil-in-place volumes of over 5,700 million barrels.
Lekoil was founded in 2010 by a group of professionals with extensive experience in the international upstream oil and gas industry as well as in global fund management and investment banking.
