ChevronTexaco confirms partner agreement on Nigeria Deepwater Block
OPL 216
Posted: 14 July 2003
Agreement clears the way for planned activities towards
the development of the Agbami Field
ChevronTexaco confirmed the announcement by The Nigerian National
Petroleum Corporation (NNPC) that an agreement has been reached
by NNPC; Famfa Oil Limited; ChevronTexaco affiliate, Star Deep Water
Petroleum Limited; and Petroleo Brasiliero Nigeria Limited (Petrobras)
that will govern future operations on the petroleum concession covered
by OPL 216, offshore Nigeria.
The agreement clears the way for planned activities towards the
development of the Agbami Field.
Commenting on the announcement, George L. Kirkland, President,
ChevronTexaco Overseas Petroleum Inc., said: "This agreement
marks an important stage in the development of the Agbami Field,
itself an important component of ChevronTexaco's growth strategy
in West Africa. With our partners, we can now move forward in earnest
towards our targets of first oil by 2007 and adding an eventual
250,000 barrels of oil per day to Nigeria's output during peak field
production."
The Agbami partners will now move ahead immediately with the project
bidding process, which will lead to the award of contracts for the
provision of a Floating Production, Storage and Off-loading vessel
and the construction and installation of sub-sea production facilities.
The Agbami Field ranks among the largest single discoveries in
deepwater West Africa, with a structure spanning an area of 45,000
acres that straddles OPL 216 and OPL 217. The initial discovery
well, announced in January 1999, encountered 420 feet of net pay
in multiple zones.
Produced hydrocarbons from the reservoir are light (45 degree API
gravity) and sweet with no contaminants.
Posted by Richard Price,
Editor Pipeline Magazine
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