LEKOIL Ltd (LON:LEK) told investors it has signed up a contractor for a new seismic programme at the Otakikpo field in Nigeria.
The company’s joint venture vehicle Green Energy International has hired a Sinopec unit for the programme, which will capture just under 200 square kilometres of 3D data, spanning both the onshore and offshore areas.
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It is expected that the seismic work will get underway in the first quarter of the year and it will effectively kick off the second phase of development for the Otakikpo field.
Otakikpo’s successful first phase sees the field’s output presently approaching 10,000 barrels of oil per day. Phase Two will target some 20,000 bopd of steady state production.
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"With significant milestones already achieved in 2017 as the Otakikpo technical and financial partner, today's announcement demonstrates LEKOIL's progress into the next phase of delivery and growth,” said Lekan Akinyanmi, Lekoil chief executive.
“The company expects the Phase Two development to be fully funded by industry players, which the company is already in discussions with."