Asset Report
OML 88
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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
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.
Table of contents
- Key facts
-
Summary and key issues
- Summary
-
Key issues
- Depleted oil reserves, but large contingent gas resources
- Downtime risk
- Acreage will be relinquished because of PIA conversion
- Location maps
- Participation
- Geology
- Well data
- Exploration
- Reserves and resources
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Production
- Emissions
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Development
- Gas supply to LNG
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Infrastructure
- Pennington offshore oil terminal
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Costs
- Sunk costs
- Abandonment costs
- Capital costs
- Operating costs
- 3 more item(s)...
Tables and charts
This report includes the following images and tables:
- Key facts: Table 1
- Index map
- OML 88 map
- Participation: Table 1
- Geology: Table 1
- Well data: Table 1
- Reserves and resources: Table 1
- Reserves and resources: Table 2
- Production: Table 1
- OML 86 production profile
- Cash flow
- Economic analysis: Table 2
- 7 more item(s)...
What's included
This report contains:
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