Anambra Petroleum And Gas Resources under Prospect

Global Energy prospects for gas in Anambra Basin
By LOUIS IBA
Monday, March 24, 2008

Global Energy Company (GEC) Limited has signed a production sharing contract (PSC) for Oil Prospecting Licence (OPL) 917 and OPL 907. The two blocks are located within the gas rich Anambra basin onshore Nigeria.
A signature bonus of US$1.6 million has been paid for each licence by the licence participants.
GEC is the Nigerian international energy resources & infrastructure services firm.

In the first quarter of 2006, GEC through a Joint Venture (JV) vehicle with AFREN Plc UK christened “AFREN Global Energy Resources” (“AGER”), acquired interest and became the Operator of OPLs 917 and 907. The two contiguous oil acreages cover an area extending from the northern part of Delta State, covering the state capital Asaba, through to Anambra and Enugu States. This strategic move provides additional basis for making oil and gas exploration and development a core activity for the Global Energy Group.

At the PSC signing ceremony, Mr. Joe Obiago, Chairman/Chief Executive of GEC, was quoted as saying: “We are pleased to have formed the AGER joint venture with Afren and to have successfully executed Production Sharing Contracts on two highly prospective gas rich licences in the Anambra Basin. This is a significant step forward in GEC’s mission to be a major industrial player in the emerging gas utilization market in Nigeria.”

The blocks contain estimated gas resources in excess of 5 trillion cubic feet (tcf) of gas and are located in the largely unexplored Anambra basin which is believed to be the second most prospective hydrocarbon bearing basin in Nigeria. The two licences cover a total area of over 3,500 square kilometers.

Both blocks contain substantial oil and gas discoveries that require further appraisal in order to delineate and quantify the hydrocarbon resources. Additional leads and prospects have also been identified on older vintage 2D seismic.
OPL 907 contains the Akukwa gas and condensate discovery, with discovered gas-in-place volumes of up to 400 billion cubic feet (bcf). Other participants on the licence are Buston Energy Resources Ltd (25 per cent), Allenne Exploration & Production Ltd (14%), Kaztec Engineering Ltd (5 per cent), VP Energy Ltd (3 per cent), De Atai Oil Services International Limited (2 per cent) and Bepta Oil & Gas Ltd (10 per cent).

OPL 917 contains the Igbariam gas and oil discovery, with discovered gas-in–place volumes up to 300 Bcf and oil-in-place estimates up to 80 mmbbl. Other participants on the licence are Petrolog Oil & Gas Ltd (18 per cent), VP Energy Ltd (17 per cent), De Atai Oil Services International Limited (10 per cent) and Goland Petroleum Development Co. Limited (13 per cent).

The current work programme for OPLs 907 and 917 envisages the gathering and analyses of additional data on the existing discoveries. Additional high density 2D seismic data will be acquired in 2008 in the area in readiness for appraisal drilling in 2009. The seismic will also be used to further evaluate the identified exploration leads and prospects.
The JV partners plan to also initiate a community engagement and Sustainable Development programme for the region.
 


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