Asset report

OML 88

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Report summary

OML 88 is a shallow water block located in the central Niger Delta. Seven fields have been discovered on the block but only Pennington and Middleton have been developed. Both have been producing since the 1970s and are now depleted. Although there is significant gas reserves on OML 88 there are no firm plans for monetisation so they are classed as non commercial. The OML 88 licence was renewed for a period of 20 years in January 2015 after it expired in 2008. The remaining value of the asset is negative as the oil reserves are depleted. The partners could realise additional value if the significant gas reserves are developed in future. A lack of upstream funding and gas monetisation options have been a major barrier to further development on the block. Because of the licence extension the block may be a divestment candidate for Chevron which would be of interest to gas focused investors.

What's included

This report contains

  • Document

    OML 88

    PDF 534.81 KB

  • Document

    OML 88

    XLS 582.00 KB

  • Document

    OML 88

    ZIP 1.01 MB

Table of contents

  • Key facts
  • Summary and key issues
  • Location maps
  • Participation
  • Geology
  • Well data
  • Exploration
  • Reserves and resources
  • Production
  • Development
  • Infrastructure
  • Costs
  • Fiscal and regulatory
  • Economic assumptions
  • Economic analysis

Tables and charts

This report includes 19 images and tables including:


  • Index Map
  • OML 88 Detail Map
  • OML 86 Production Profile
  • Split of Revenues
  • Cumulative Net Cash Flow - Undiscounted
  • Cumulative Net Cash Flow - Discounted at 10% from 01/01/2018
  • Remaining PV Price Sensitivities


  • Key facts: Table 1
  • Participation: Table 1
  • Geology: Table 1
  • Well data: Table 1
  • Reserves and resources: Table 1
  • Reserves and resources: Table 2
  • Production: Table 1
  • Cash flow
  • Economic analysis: Table 2
  • Economic analysis: Table 3
  • Costs: Table 1
  • Costs: Table 2

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