Asset Report
OML 119 (Okono & Okpoho)
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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
- Key facts
-
Summary and key issues
- Summary
-
Key issues
- Need for new investment
- FPSO integrity concerns
- Pre-export financing
- Petroleum Industry Act
- Location maps
- Participation
- Geology
- Well data
- Exploration
- Reserves and resources
-
Production
- Emissions
-
Development
- FPSO
- Development wells
- Redevelopment
- FPSO replacement
- Infrastructure
-
Costs
- Capital Costs
- Operating Costs
-
Fiscal and regulatory
-
Service Contract fiscal terms
- Signature bonus
- Royalty & Petroleum Profit Tax (PPT)
- Cost oil
- Profit oil
- Post-2019 fiscal terms
-
Service Contract fiscal terms
-
Economic assumptions
- Cash Flow
- Global Economic Model (GEM)
-
Economic analysis
- Cash Flow
Tables and charts
This report includes 32 images and tables including:
- Key facts: Table 1
- Index Map
- OML 119 (Okono and Okpoho) Map
- Participation: Table 1
- Geology: Table 1
- Geology: Table 2
- Well data: Table 1
- Reserves and resources: Table 1
- Reserves and resources: Table 2
- Production: Table 1
- Production: Table 2
- Pre-2020 production profile (Okono/Okpoho Fields)
- Post-2019 production profile
- Infrastructure: Table 1
- Development: Table 1
- Costs: Table 1
- Costs: Table 2
- Costs: Table 3
- Service contract
- Economic analysis: Table 2
- Economic analysis: Table 3
- Split of Revenues
- Cumulative Net Cash Flow - Undiscounted
- Cumulative Net Cash Flow - Discounted at 10% from 01/01/2024
- Concession cash flow
- Economic analysis: Table 5
- Economic analysis: Table 6
- Split of Revenues
- Cumulative Net Cash Flow - Undiscounted
- Cumulative Net Cash Flow - Discounted at 10% from 01/01/2024
- Remaining Revenue Distribution (Discounted at 10% from 01/01/2024)
- Remaining PV Price Sensitivities
What's included
This report contains:
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