<p class="wp-block-paragraph">Effiong Okon, the Operations Director at Seplat Petroleum Development Company Plc, leading Nigerian independent oil and gas company listed both on the Nigerian and London stock exchanges, has advocated for more deployment of technology including the right strategy and administration to optimise mature or old resource wells for sustainable profits. </p>



<p class="wp-block-paragraph">Okon  ;disclosed
this to potential investors, industry professionals and other participants during
a panel session titled: ‘Established Producing African Countries’ at the IADC
Drilling Africa Conference &; Exhibition 2020 held in Accra, Ghana between
February 18 and 19.</p>



<p class="wp-block-paragraph">He  ;said:
“With a capable organisation, robust/well-implemented strategy and deployment
of latest technologies to optimise production capacity, companies can
cost-effectively access and produce the remaining oil and gas ;in smaller
reservoirs.</p>



<p class="wp-block-paragraph">“In this light, Seplat employs a pro-active and innovative
strategy towards optimising asset value and thereby extending economic life of
small assets.”</p>



<p class="wp-block-paragraph">According to Okon, who is also an executive director in the company, Wells, Reservoirs and Facilities Management (WRFM) is key to sweating the assets and arresting production decline while developmental projects are aimed at filling ullage of existing facilities. He added: “Technologies deployed targets by-passed oil, attic oil, thin oil rims, improvement in productivity, (4D seismic, horizontal wells, geosteering, well stimulation).</p>



<p class="wp-block-paragraph">“Gas development of high and depleted pressure reservoirs
(mechanical refrigerant vs Joule-Thompson), stripping out NGLs and LPG to
maximize product yield and flares out.” ;</p>



<p class="wp-block-paragraph">The Seplat ED said the company’s Ovhor and Sapele fields
that started production in the ‘70s were still producing after 50 years at over
22 million barrels of oil per day (Mbopd) and 10Mbopd with several infield
drilling opportunities for production growth.</p>



<p class="wp-block-paragraph">He said smart investment was required in the late life of
these assets with focus on activities that deliver incremental positive Net
Present Value, NPV (low cost wells, commingled production, re-completing older
wells, side tracks, infield appraisal/exploration).</p>



<p class="wp-block-paragraph">Participants at the conference, therefore, pointed that
the long-established African oil and gas producers are managing two distinct
challenges at either end of the production spectrum: increasing complex and
expensive new developments, and low value depleted fields under late life
investment or disposal.</p>



<p class="wp-block-paragraph">It was argued that new production from historical
producers was now in smaller reserve pockets, reliant on expensive new
technology, or requiring ever deeper offshore water depths</p>

Honourable Pastor Chibuzor Nwosu OpenLife Nigeria reports that frontline House of Representatives candidate of the…
Governor Expresses Frustrations OpenLife Nigeria reports that the governor of Ebonyi State, Francis Ogbonna Nwifuru,…
Principles Of Love And Not Self Centredness Will Reduce Insecurity OpenLife Nigeria reports that…
Emirates Marks Significant Milestone OpenLife Nigeria reports that Emirates is marking a significant milestone in…
Bandits Allegedly Scam Governor Makinde Of Oyo State Over Kidnapped School Children {Video} OpenLife…
Jayeola Olalekan Azeez Interviews Randy Peter Akah On His NDC Political Ambition OpenLife Nigeria…
This website uses cookies.