In Oil Mining Lease OML102, off Nigeria, TotalEnergies, an international oil company established by IoC, found a significant amount of oil.
The discovery of petroleum, popularly referred to as Ntokon1AX, is expected to generate commercial production and culminate in the development of Nigeria’s oil reserves. For decades, the country’s oil and gas stocks have stagnated at 37 billion barrels and more than 200 trillion standard cubic feet of natural gas reserves, which prevents increased production as called for by OPEC.
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Total Energies has reported that the Ntokon-1AX discovery well, situated in shallow waters 60 km off Nigeria’s southeast coast, discovered 38 meters of net oil pay and 15 meters of net gas pay. The company reported that the Ntokon-1G1 sidetrack found 73 meters of net oil pay. The quality of the reservoirs is exceptional, and they are highly developed. Successfully tested, the Ntokon-1G1 can handle a maximum of 5,000 barrels per day of 40° API oil.
“Ntokon, 20 km from Ofon Field, will be developed through tie-backs to existing facilities. TotalEnergies sees promise in this new discovery.” The company noted that this latest success in the area reinforces the potential of nearby exploration to add value to their low-cost, low-emission strategy. OML 102 is operated by TotalEnergies EP Nigeria with a 40% stake and NNPC Ltd. as their partner with the remaining 60%.
