Research and Markets: Usan Remains One of the More Attractive Deepwater Developments from the Point Of View of NNPC and the Nigerian Government
Posted on February 5, 2008 – 3:01 pm | by oilandgaspress.com
DUBLIN, Ireland–(BUSINESS WIRE)–Research and Markets (http://www.researchandmarkets.com/reports/c81760) has announced the addition of OPL 222 (Usan and Ukot Fields) Asset Analyis (Nigeria) 2007 to their offering.
Summary OPL 222 is located in the eastern part of the deepwater Niger Delta, about 70 kilometres from the Nigerian coast. Two oil and one gas discoveries have been made on the block, the most significant of which is the Usan oil field. Total discovered the field in 2002 and field reserve estimates have grown steadily following the discovery of western and eastern extensions in 2004 and 2005 respectively. Total plans to develop the field with around 35 subsea production and injection wells tied back to a newbuild floating-production, storage and offloading (FPSO) vessel. Production capacity of the vessel will be around 150,000 b/d with a storage capacity of 2 million barrels. In August 2005, Total announced that NNPC had approved the field development plan.
Key Issues
Usan is unlikely to suffer any unitisation issues (which have delayed other deepwater field developments), but first production and plateau levels could be affected by future OPEC quota restrictions. Usan remains one of the more attractive deepwater developments from the point of view of NNPC and the Nigerian government. Most of the field is located in water depths of less than 800 metres. Because of this, Usan will be subject to an 8% royalty from first production, unlike most of the other big deepwater fields in Nigeria, which pay much lower royalty rates as they are located in water depths around or greater than 1,000 metres. The Nigerian government will, therefore, see much more early-field life revenue from Usan than from other deeper water fields.
Companies Mentioned:
- Total
For more information visit http://www.researchandmarkets.com/reports/c81760.
Contacts
Research and Markets
Laura Wood
Senior Manager
Fax: +353 1 4100 980
press@researchandmarkets.com
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Tags: Attractive, deepwater, Developments, Government, Nigerian, nnpc, Research, Usan
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