{"id":10114,"date":"2021-03-26T09:24:57","date_gmt":"2021-03-26T09:24:57","guid":{"rendered":"https:\/\/oilnewskenya.com\/?p=10114"},"modified":"2021-03-26T09:24:57","modified_gmt":"2021-03-26T09:24:57","slug":"lekoil-provides-update-on-otakikpo-opl-310","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/lekoil-provides-update-on-otakikpo-opl-310\/","title":{"rendered":"Lekoil Provides Update on Otakikpo &#038; OPL 310"},"content":{"rendered":"<p class=\"og\"><strong><span class=\"ok\">Otakikpo<\/span><\/strong><\/p>\n<p class=\"og\"><span class=\"oj\">On behalf of the two Otakikpo Joint Venture partners, Green Energy International Limited, the operator of the Otakikpo Marginal Field, and LEKOIL Oil and Gas Investments Limited, the technical partner and a member of the LEKOIL group, following is an update on operational performance in respect of the Otakikpo Marginal Field in OML 11, the Company&#8217;s sole producing asset:<\/span><\/p>\n<p class=\"om\"><span class=\"nx\">\u00b7\u00a0<\/span><span class=\"oc\">For the full year 2020, average production levels were\u00a0<\/span><span class=\"oc\">5,062<\/span>\u00a0<span class=\"oc\">bopd gross with\u00a0<\/span><span class=\"oc\">2,025<\/span>\u00a0<span class=\"oc\">bopd net to LOGL. This was down 5% from 2019\u00a0 (5,305 bopd gross with 2,122 bopd net to LOGL).<\/span><\/p>\n<p class=\"on\"><span class=\"nx\">\u00b7\u00a0<\/span><span class=\"oo\">Average daily production was\u00a0<\/span><span class=\"oc\">5,378<\/span>\u00a0<span class=\"oc\">bopd gross with\u00a0<\/span><span class=\"oc\">2,151<\/span>\u00a0<span class=\"oc\">bopd net to LOGL for January and February 2021.<\/span><\/p>\n<p class=\"on\"><span class=\"nv\">\u00b7\u00a0<\/span><span class=\"oc\">The first lifting of the year occurred in February 2021 with net cash proceeds of US$3.7 million.<\/span><\/p>\n<p class=\"on\"><span class=\"nv\">\u00b7\u00a0<\/span><span class=\"oc\">The second lifting occurred last week with increased net cash proceeds of US$6.6 million expected following an increase in the volume lifted and the improving crude pricing environment.<\/span><\/p>\n<p class=\"op\"><span class=\"nv\">\u00b7\u00a0<\/span><span class=\"oc\">The Company remains in discussions with financiers to raise its share of the funding required for the next two wells on the field, which amounts to US$10.0 million in aggregate.<\/span><\/p>\n<p class=\"og\"><strong><span class=\"ok\">OPL 310<\/span><\/strong><\/p>\n<p class=\"og\"><span class=\"oj\">The Company has engaged with Optimum regarding its notice to terminate the Cost and Revenue Sharing Agreement in respect of OPL 310. An update will be provided in due course.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Otakikpo On behalf of the two Otakikpo Joint Venture partners, Green Energy International Limited, the operator of the Otakikpo Marginal Field, and LEKOIL Oil and Gas Investments Limited, the technical &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/lekoil-provides-update-on-otakikpo-opl-310\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":10115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,11,7444],"tags":[7797,7796,9174,8331,7795,9175],"class_list":["post-10114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-green-energy-international-limited","tag-lekoil","tag-oml-11","tag-opl-310","tag-otakikpo","tag-otakikpo-marginal-field","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Lekoil-West-Africa-Assets.jpg?fit=1400%2C800&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2D8","jetpack-related-posts":[{"id":8995,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-lekoil-terms-2019-as-pivotal-year-released-audited-results\/","url_meta":{"origin":10114,"position":0},"title":"Nigeria: Lekoil Terms 2019 as Pivotal Year, Released Audited Results","author":"","date":"August 30, 2020","format":false,"excerpt":"Operational Highlights Otakikpo \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Production levels averaged approximately gross 5,305 bopd (2,122 bopd net to LEKOIL Nigeria) \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Updated Competent Person's Reports announcing a significant upgrade to 2P oil reserves estimates and prospective resources (unrisked) for LEKOIL Nigeria's working interest in the field \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Field Licence renewed \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Phase Two plans underway, subject to\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Lekoil-assets.jpg?fit=1200%2C686&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Lekoil-assets.jpg?fit=1200%2C686&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Lekoil-assets.jpg?fit=1200%2C686&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Lekoil-assets.jpg?fit=1200%2C686&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Lekoil-assets.jpg?fit=1200%2C686&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":11182,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-lekoil-reports-technical-work-for-drilling-of-2-wells-at-otakikpo-ongoing\/","url_meta":{"origin":10114,"position":1},"title":"NIGERIA: Lekoil Reports Technical Work for Drilling of 2 Wells at Otakikpo Ongoing","author":"","date":"November 19, 2021","format":false,"excerpt":"Lekoil has reported that it continues undertaking technical work for drilling of two (2) additional production wells at Otakikpo producing marginal oilfield in OML11. This is part of the companies plans to ramp up production to 15-20000bpd from the current 5110bpd as per October figures with a total of seven\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/Nigeria-Otakikpo.png?fit=479%2C369&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":8557,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-lekoil-executes-definitive-service-agreements-for-the-otakikpo-drilling-programme\/","url_meta":{"origin":10114,"position":2},"title":"NIGERIA: Lekoil Executes Definitive Service Agreements for the Otakikpo Drilling Programme","author":"","date":"July 13, 2020","format":false,"excerpt":"LEKOIL\u00a0 has announced that the Otakikpo Joint Venture which is made up of Green Energy International Limited (GEIL), the Operator of the Otakikpo Marginal Field, and the Technical Partner, LEKOIL Oil and Gas Investments Limited (LOGL), in which the Company has a 90 per cent. economic interest, has executed definitive\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Nigeria-otakikpo-map.png?fit=800%2C670&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Nigeria-otakikpo-map.png?fit=800%2C670&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Nigeria-otakikpo-map.png?fit=800%2C670&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Nigeria-otakikpo-map.png?fit=800%2C670&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11933,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-lekoil-announces-strategic-investment-and-restructuring\/","url_meta":{"origin":10114,"position":3},"title":"NIGERIA: Lekoil Announces  Strategic Investment and Restructuring","author":"","date":"February 28, 2022","format":false,"excerpt":"LEKOIL has announce Savannah Energy Investments Limited, has entered into a convertible facility agreement and option agreement\u00a0 with the Company in order to support the Company's restructuring. \u00a0 Highlights: \u00a0\u00b7\u00a0\u00a0\u00a0\u00a0The Company has entered into the CFA with Savannah Investments whereby Savannah Investments will support LEKOIL's proposed restructuring\u00a0 by providing a\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/Nigeria-Otakikpo.png?fit=479%2C369&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":13089,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-lekoil-nigeria-changes-name-to-fenikso-ltd\/","url_meta":{"origin":10114,"position":4},"title":"NIGERIA: Lekoil Nigeria Changes Name to Fenikso Ltd","author":"","date":"January 5, 2023","format":false,"excerpt":"Lekoil has agreed to change its name and has agreed with Lekoil Nigeria that the Company's name will be changed to Fenikso Ltd following shareholders' approval at the Extraordinary General Meeting on 29th December 2022. The Change comes days after the company announced that\u00a0it has reached an agreement with, among\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Lekoil.jpg?fit=1200%2C780&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Lekoil.jpg?fit=1200%2C780&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Lekoil.jpg?fit=1200%2C780&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Lekoil.jpg?fit=1200%2C780&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/01\/Lekoil.jpg?fit=1200%2C780&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":15115,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-green-energy-international-exports-first-crude-from-new-onshore-terminal\/","url_meta":{"origin":10114,"position":5},"title":"NIGERIA: Green Energy International Exports First Crude from New Onshore Terminal","author":"","date":"June 20, 2025","format":false,"excerpt":"Nigerian energy company Green Energy International (GEIL) has completed the development of the Otakikpo onshore terminal, located in OML 11 near Port Harcourt. In June 2025, the company lifted its first crude cargo from the newly-constructed facility \u2013 the first indigenous onshore terminal constructed in the country in five decades\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Green-Energy-International-first-crude-1-1536x960-1.jpg?fit=1200%2C750&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Green-Energy-International-first-crude-1-1536x960-1.jpg?fit=1200%2C750&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Green-Energy-International-first-crude-1-1536x960-1.jpg?fit=1200%2C750&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Green-Energy-International-first-crude-1-1536x960-1.jpg?fit=1200%2C750&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/Green-Energy-International-first-crude-1-1536x960-1.jpg?fit=1200%2C750&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=10114"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10114\/revisions"}],"predecessor-version":[{"id":10116,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10114\/revisions\/10116"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/10115"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=10114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=10114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=10114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}