Asset Report
OML 120 (Oyo)
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Deepwater block OML 120 lies in the western Niger Delta 70 kilometres offshore. Statoil discovered the Oyo oil field in 1996, but it was considered uncommercial at the time. The field was eventually developed by Eni with two subsea production wells tied-back to a leased FPSO (floating production, storage and offloading) vessel. First production was achieved in December 2009. Oyo has not performed according to expectations. After coming onstream at 22,000 b/d, production fell very rapidly due to gas breakthrough in the Oyo-5 well. Within 12 months, oil production had dropped to 6,000 b/d and over 70 mmcfd of gas was being produced. Reserves were slashed from initial estimates of 50 million barrels.
Table of contents
- Summary
-
Key Issues
- Production on Oyo ramped up from late 2024 but has fluctuated in 2025
- GHL's capacity to invest on Oyo may be limited by debts
- Evacuation costs could increase after FPSO lease expiration in November 2025
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Emissions
- FPSO
- Drilling
- Field Redevelopment
- Exploration costs
- Capital costs
- Operating costs
- Signature bonus
- Duration
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Production bonus
- Cost oil
- Petroleum Profits Tax (PPT)
- Profit oil
- Cash Flow
- 2 more item(s)...
Tables and charts
This report includes the following images and tables:
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Capital Costs Pre-2016 to 2024 (US$ million)Operating Costs 2025 to 2034 (US$ million)Cash Flow (US$)
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PV Table (US$)Summary Table (US$)Split of RevenuesCumulative Net Cash Flow - UndiscountedCumulative Net Cash Flow - Discounted at 10% from 01/01/2026Remaining PV Price SensitivitiesIndex MapOML 120 MapParticipation
- 6 more item(s)...
What's included
This report contains:
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