What you need to know about Ikike oilfield

TotalEnergies announced on Monday that it had started production from the Ikike oilfield in Nigeria.

Ikike oil development is a conventional oil project located in Nigeria and is operated by TotalEnergies EP Nigeria.

Discovered in 1977, Ikike is located in Oil Mining Licence 99 and has a water depth of 20m, approximately 20km offshore Nigeria. The oil field is estimated to hold 70 million barrels of oil equivalent.

The engineering studies for the development of the Ikike field were completed in 2018. The field also developed as a satellite tie-back to the Amenam-Kpono field, which is also owned and operated by the TotalEnergies/NNPC JV.

Its infrastructure includes a new production platform named IKD-1, which was installed 15km north of the Amenam-Kpono complex.

The project, which is forecasted to produce 60,000 barrels of oil per day, has been commissioned.

Final investment decision (FID) of the project was approved in 2019 and its estimated price of development is $473 million.

About five conventional oil wells will be drilled as part of the Ikike complex, which also includes a wellhead platform.

Read also: TotalEnergies begins oil production in Nigeria’s Ikike Field

Field participation

The OML 99 is owned by a joint venture (JV) involving TotalEnergies EP Nigeria Limited (40 percent, operator) and the Nigerian National Petroleum Company Limited (60 percent).

Production

Production from the Ikike conventional oil development project, according to TotalEnergies, is expected to deliver 50,000 barrels of oil equivalent per day (boe/d) by the end of the year.

However, the production will last until the field reaches its economic limit in 2038, based on economic assumptions.

Recoverable reserves

The field is expected to recover 77.41 million barrels of oil equivalent, which includes 69.6 million barrels of crude oil and condensate reserves and 46.87 billion cubic feet of liquid natural gas reserves.

Contractors involved in the oil field

The design/front-end engineering design was done by DORIS Engineering, while Energy Works Technology, Eni, and IGPES Group are among the key engineering, procurement and construction contractors involved in the Ikike project.

Crestech Engineering, Shelf Drilling, The Techint Group, and Tirex Petroleum and Energy are among the other contractors.