Asset Report
OML 74 & 77 (HA)
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Report summary
OMLs 74 and 77 are two large shallow water licences in the eastern part of the Niger Delta and are part of the NNPC/Shell Joint Venture. There are eight undeveloped oil and gas discoveries on the block. Although the operator completed development plans for OML 74 and 77 (also known as H-Block and J-Block respectively), Final Investment Decision (FID) has not been taken. Despite the reserves potential of OMLs 74 and 77, the fields have remained undeveloped. A major barrier has been NNPC's funding constraints, which has severely limited spend on upstream developments, particularly greenfield offshore projects. With Shell shifting focus to deepwater and LNG, greenfield conventional projects like OMLs 74 and 77 are not priority. As a result, we have downgraded the assets to non-commercial. We believe that if a licence renewal is secured, then Shell may opt to divest the blocks.
Table of contents
- Key facts
-
Summary and key issues
- Summary
-
Key issues
- Further delays likely
- Low gas feedstock price harms upstream economics, but helps NLNG
- Future tie-back potential
- Petroleum Industry Act
- Location maps
- Participation
- Geology
- Well data
- Exploration
- Reserves and resources
- Production
-
Development
- Original plans
- Infrastructure
-
Costs
- Exploration costs
- Capital costs
- Operating costs
- Sales contracts
- Fiscal and regulatory
-
Economic assumptions
- Cash flow
- Discount rate and date
- Inflation rate
- Oil price
- Abandonment provision
- Global Economic Model (GEM)
- Economic analysis
Tables and charts
This report includes 23 images and tables including:
- Key facts: Table 1
- Index Map
- OMLs 74 & 77 Map
- Participation: Table 1
- Geology: Table 1
- Well data: Table 1
- Reserves and resources: Table 1
- Reserves and resources: Table 2
- Production: Table 1
- Production: Table 2
- Production Profile
- Infrastructure: Table 1
- Sales contracts: Table 1
- Cash flow
- 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
- Remaining PV Price Sensitivities
- Costs: Table 1
- Costs: Table 2
- Costs: Table 3
What's included
This report contains:
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