Asset Report
OML 119 (Okono & Okpoho)
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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Report summary
OML 119 is located in the southeastern Niger Delta, approximately 50 kilometres offshore. The two producing fields on the block, Okpoho and Okono, were discovered by the Nigerian Petroleum Development Company (NPDC) in 1978 and 1983 respectively. Despite encouraging well results, the fields' development did not start until 2001, when Agip Energy and Natural Resources (AENR) signed a modified service contract with NPDC. The project, located in shallow water, utilises an FPSO which is more commonly deployed in deep water. The Okono field produces oil from subsea wells tied-back to the Mystras FPSO located at the field. Oil from Okpoho is produced via a platform linked to the FPSO by pipeline. Oil is exported from the FPSO by shuttle tanker. During 2008, the partners purchased the FPSO Mystras, and there are plans to upgrade its capacity. Wood Mackenzie understands significant reserves upside still exists on the Okono and Okpoho fields.
Table of contents
- Summary
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Key Issues
- Production boost since H2 2024
- FPSO integrity concerns
- Pre-export financing
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Emissions
- FPSO
- Development wells
- Redevelopment and workovers
- FPSO replacement
- Operating Costs
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Service Contract fiscal terms
- Signature bonus
- Royalty & Petroleum Profit Tax (PPT)
- Cost oil
- Profit oil
- Post-2019 fiscal terms
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Petroleum Industry Act
- Cash Flow
- Global Economic Model (GEM)
- Cash Flow
- Service contract
- Concession cash flow
- Indicative Technical Valuations
Tables and charts
This report includes the following images and tables:
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Cash Flow (US$)PV Table (US$)Summary Table (US$)
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Split of RevenuesCumulative Net Cash Flow - UndiscountedCumulative Net Cash Flow - Discounted at 10% from 01/01/2026Cash Flow (US$)PV Table (US$)Summary Table (US$)Split of RevenuesCumulative Net Cash Flow - UndiscountedCumulative Net Cash Flow - Discounted at 10% from 01/01/2026
- 17 more item(s)...
What's included
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