Addax bags exploration licence in Nigeria
Addax Petroleum Corporation, one of the largest independent oil producers in West Africa, has been awarded a 40 per cent interest in Oil Prospecting Licence (OPL) 227, offshore Nigeria.
Other partners in the OPL227 licence area are Express Petroleum & Gas Company Limited (Express) and Petroleum Prospects International Limited (PPI), both of which are indigenous Nigerian oil companies.
The OPL227 licence area is located in the shallow water offshore of the western Niger Delta Basin, one of the most prolific petroleum basins in the world.
The OPL227 licence area covers approximately 851 km2 (210,300 acres) and is adjacent to and to the north-east of the Shell-operated OML79 licence area.
OML79 contains Shell’s EA field development which is reported to have commenced production in 2002 and to contain approximately 350 MMbbl of remaining recoverable oil.
There have been four wells drilled in the OPL227 licence area, all between 1974 and 1988, all of which encountered hydrocarbons in non-commercial quantities or shows.
In addition, there has been minimal 2D seismic and no 3D seismic data acquired on OPL227 to date.
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