Deepwater OML 129 is located in the central part of the Niger Delta, 100 kilometres offshore. The production sharing contract (PSC) was signed in 1993. Four exploration wells have been drilled to date, three of which were discoveries: Sehki, Nnwa and Bilah. Despite holding 1,250 mmboe, we currently classify the discoveries as non-commercial. There are many obstacles to developing the resources on OML 129. Nnwa straddles Shell-operated OML 135 to the east where it is known as Doro, and OPL 297 to the south. Statoil and Shell have reached a pre-unitisation agreement on the structure, which would see Shell become the operator. However, a final unitisation is not possible until an ownership dispute on OPL 297 between South Atlantic Petroleum and ONGC is resolved. Furthermore, the PSC currently lacks fiscal terms for gas, meaning the contractors have no rights to it.
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Asset report | Apr 2016
OML 129 (Nnwa, Bilah and Sekhi)
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