Green Energy gets FG’s nod to develop Otakikpo Phase 2 Field

The management of Green Energy International Limited (GEIL), the operator of the Otakikpo marginal field in Oil Mining Lease OML 11 has secured Federal Government’s approval for the full Field Development Plan (FDP) and Environmental Impact Assessment (EIA)  to enable the company implement the phase 2 development of the field.

These  approvals by the Department of Petroleum Resources (DPR,)the regulator of the oil and gas industry, are coming on the heels of its Memorandum of Understanding (MoU) for a finance package of over $350 million dollars from international financiers .
The approved FDP project consists of drilling of additional seven wells, expanding crude processing infrastructure, construction of a 1.3 million barrels onshore terminal and the construction of a 17km export pipeline connecting the terminal to an offshore loading system.  The company plans to significantly increase production from 6000 barrels per day (bpd) to 20,000 bpd.
The EIA approval also gave the company the nod for its environmentally compliant plans to develop the field with due regard to  international best practices in the protection of the environment and the ecosystem.
In a statement by the company, the Chairman,  Professor Anthony Adegbulugbe,  commended the DPR for the approval as this complements the efforts of the operator in attracting the necessary financing to unlock potential of the field and boosts investor confidence in the project.
He stated: “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,” adding that “we are aiming to be the benchmark for developing and maximising hydrocarbons in the country in a most environmentally compliant manner.”
He said the field development plan envisages zero gas flares through the implementation of gas to power and  LPG production among others  under the small scale gas utilization programme (SSGUP) pioneered by the company.
Source: sunnewsonline.com

No comments:

Post a Comment