Nigeria Licence Areas
Offshore licence areas
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OML123
OML123 is Addax Petroleum’s largest licence area as measured by reserves and production and is located offshore approximately 60 km south of the town of Calabar in the south-eastern part of Nigeria, in the Gulf of Guinea.
Description
- Covers an area of 90,700 acres (367 km2) in water depths ranging from 3 to 40m
- Contains nine producing oil fields (Adanga, Oron West, North Oron, Ebughu and extensions, Adanga North Horst, Inagha, Akam, Bogi and Mimbo), two undeveloped oil fields (Kita Marine and Antan) three unappraised oil discoveries (Adanga East, Adanga West and Ebughu NE-A), one large 8,600 acre (35 km2) undeveloped gas discovery (Oron East) and several exploration prospects
Facilities & Production
- The producing fields in OML123 are operated as a common development area
- The key production facility is an FPSO which gathers produced crude oil from production or wellhead platforms on each field. The Knock Adoon FPSO has a nameplate processing capacity of 60 Mbbl/d of crude oil, a total liquids (oil and water) processing capacity of 140 Mbbl/d and a storage capacity of 1.7 MMbbl of crude oil. It also incorporates an off-loading buoy terminal to facilitate offloading during periods of strong currents to accommodate larger tankers
- The Knock Adoon is under a time charter with a subsidiary of Fred Olsen Production A.S. The primary term of this charter is anticipated to expire in June 2014, with extension periods thereafter of up to a further eight years at the Corporation’s option
In addition to increasing the proved reserves in the licence area, Addax Petroleum has also increased the average oil production rate from less than 10,000 bbl/d in 1998 to an average of 58,420 bbl/d for 2008.