NNPC, NAOC, Oando Joint Venture makes significant gas discovery onshore Niger Delta

Oando Plc has officially informed the Nigerian Stock Exchange (NSE) that the Nigerian National Petroleum Corporation (NNPC)/ Nigerian Agip Oil Company (NAOC)/OANDO Joint Venture (JV) made significant Gas & Condensates Discovery Onshore Niger Delta.

The significant gas and condensate find is in the deeper sequences of the Obiafu-Obrikom fields, in OML61, onshore Niger Delta.

Oando Plc through its Upstream subsidiary Oando Energy Resources (OER) owns 20percent in the Joint Venture while NNPC has 60percent and NAOC the operator (20percent).

“The Obiafu-41 Deep appraisal/exploration well has reached a total depth of 4.374m encountering an important gas and condensate accumulation within the deltaic sequence of Oligocene age comprising more than 130m of high quality hydrocarbonbearing sands,” Oando Group told the Exchange.

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The find amounts to about 1 trillion cubic feet of gas and 60 million barrels of associated condensate in the deep drilled sequences. The discovery has further potential that will be assessed with the next appraisal campaign. The well can deliver in excess of 100 million standard cubic feet/day of gas and 3,000 barrels/day of associated condensates. The discovery is part of a drilling campaign planned by the Joint Venture aimed at exploring near-field and deep pool opportunities as immediate time to market opportunities. OER is positive that this discovery will have an impact on its gas reserves.

The impact will be determined and communicated to the market on conclusion of the next annual independent reserves and resources evaluation, Oando stated.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.