TotalEnergies Discovers New Oil Gas in OML 102 in Southeast Nigeria
- TotalEnergies said it had made a vast discovery of oil gas in OML 102 in Ntokon, southeast
- The company revealed that the discovery contains oil and gas in commercial quantity
- According to the firm, it has invested about $60 billion in the oil and gas industry in Nigeria
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TotalEnegergies has made a significant oil and gas discovery in the Ntokon offshore of its OML 102.
The company disclosed this on Tuesday, 13, 2023, via a press release.
Source: Facebook
TotalEnergies and NNPC own the oil field
The OML 102 is a conventional oil field in Nigeria’s shallow waters. TotalEnegergies holds a 40% stake in the license, while the Nigerian National Petroleum Company owns 60%.
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The discovery is sighted 60 kilometres off the southeast and has about 38 million net oil and 15 million net gas pay.
The oil company said the reservoirs where the discovery was made are appropriately developed and high quality.
TotalEnergies said:
“The Ntokon discovery opens a promising outlook for new tie-back development. After the start-up of production of the Ikike tie-back on OML 99 in 2022, this new success in the area further demonstrates the potential of nearby exploration to create value within our low-cost, low-emission strategy.”
New discovery is In line with the country’s strategy
The finding aligns with Tinubu’s oil energy and natural resources advisory council of May 2023.
Tinubu’s administration plans to develop additional deepwater oil and gas projects and increase greenfield projects to achieve a production level of 4 million barrels daily.
Nigeria has faced increased oil theft and low investment in the upstream sector.
Nairametrics reports that part of Tinubu’s energy plan is to stimulate growth in oil and gas, recover lost production levels, address regulatory issues, and collaborate with investors to achieve the objectives.
TotalEnergies revealed that it invested over $60 billion in oil and gas exploration in Nigeria.
Nigeria prospects 30 billion oil barrels in new drilling in Borno
Legit.ng reported earlier that President Muhammadu Buhari inaugurated the Wadi-B oil and gas exploration drive in the Jere Local government area of Borno State on Tuesday, May 23, 22, intending to add 30 billion barrels of oil to Nigeria’s reserves in the next seven years.
Buhari said at the virtual event that it marks the formal resumption of physical activities and the exploration of crude oil and gas in the Chad Basin area.
According to the president, the search for oil began in the area in 1976, while sub-commercial gas was found in 1985.
Source: Legit.ng
