Nigeria Licence Areas

Offshore licence areas

OML126


OML137

OML137 and OML126
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OML126 and OML137

OML126 and OML137 are two contiguous blocks located 90 km offshore, south of Port Harcourt, in water depths ranging between 50 m and 210 m. Combined, they represent Addax Petroleum’s largest Nigerian properties as measured by area and also account for the majority of the company’s recent production growth. Production from OML126 commenced in March 2005 and averaged 42,330 bbl/d in 2008. OML137 is an exploration and appraisal property. To date there has been no production from, and there are no production facilities on, OML137.

Description

• Cover a combined area of approximately 387,800 acres (1,570 km²), 90 km offshore south of Port Harcourt
• The southern half of OML126 has been completely surveyed by 3D seismic and contains two producing oil fields (Okwori and Nda), four undeveloped oil discoveries and three identified exploration prospects 
• OML137 was surveyed by 3D seismic in early 2006 and contains the Ofrima North oil discovery and several potentially commercial natural gas discoveries (Shokoloko, Toriye, Odum, Asanga, Ofrima and Udele West), four identified oil prospects (Ofrima North, Atuma, Nkoro and Asa) and a number of shallow and deep leads

Facilities & Production

• The key production facility for OML126 is an FPSO which has a nameplate processing capacity of 50 Mbbl/d of crude oil, a total liquids (oil and water) processing capacity of 60 Mbbl/d and a storage capacity of approximately 1.45 MMbbl of crude oil
• The OML126 FPSO is under a time charter from Sendje Berge Ltd., a company within the Norwegian shipping group Bergesen now owned by Worldwide Shipping of Hong Kong. The primary term of the charter, which expired in February 2009, has extension periods of up to an additional four years at Addax Petroleum’s option. Addax Petroleum has extended the term for two years with a right to make further extensions

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