Afren Makes 307 Million Barrels New Oil Discovery

Afren Makes 307 Million Barrels New Oil Discovery

African-focused exploration and production company, Afren Plc, said it had made new oil discovery of over 300 million barrels at its Ebok and Okoro oil fields.

Specifically, additional 150 million barrels of oil were discovered at the Ebok oilfield located in OML 67, offshore Nigeria; and 157 million barrels at the Okoro field located in OML 112 in shallow water offshore Nigeria.

Speaking during the FBN Capital Limited’s maiden Oil and Gas Roundtable in Lagos on Tuesday, Head, Finance, Afren Nigeria, Mr. Deji West, said, “We just discovered a reserve of 150 million barrels of oil each in the Okoro and Ebok fields. We have 14 wells at Okoro and 24 wells in Ebok.“

He specifically said the Okoro field was currently producing over 20,000 barrels of oil per day, adding that the company had plans to increase the production to 50,000 barrels in the future. The Ebok field, according to him, is currently producing about 35,000 barrels a day.

He explained that Afren had a diversified portfolio, adding that the company had raised $2.8bn in the past eight years from the London Stock Exchange and other sources.

“ We have raised equity and have gone back to the equity market over and over again. The first thing, you need to have strong asset base and strong technical achievements. Good corporate governance is also very critical. You can’t raise equity as a one-man business. You need a robust management team with proven track record to attract international investments,” he said.

He said the indigenous oil company had a market capitulation of $20m by the time it listed on AIM, the London Stock Exchange growth market.

“We started with a market value of $50m by December, 2005 and zero production. By the December, 2012, our market value was $2.3bn with 27 assets in nine countries. We are currently producing about 57,000 barrels of oil per day,” he said

West described the AIM market as suitable for smaller and growing companies, noting that opportunities to move to the Main Board in future abound.

Meanwhile, Aconex had been engaged to provide online project collaboration solutions for Afren Plc.

Specifically, Afren said it would use the Aconex Online Collaboration Platform to manage the operation and maintenance of its Ebok and Okoro Setu oil fields.

Technical Applications Manager, Afren, Mr. Dhiraj Kavia, “We have individuals from several organisations working on the Ebok and Okoro Setu projects, and it’s critical that everyone be aligned at all times. The Aconex platform enables us to structure and control all project data as it flows among team members, resulting in improved efficiency, governance and compliance. The system is easy to learn and use, and we have the support of a global organization when we need it.”

According to him, the teams responsible for operating and maintaining the production platforms in the Ebok and Okoro Setu fields span Nigeria, the United Kingdom, and the United States.

They use the Aconex platform to capture all project data in one place for centralised information management and retrieval. In a secure, cloud-based collaboration environment, participants across different locations have anytime, anywhere access to the current version of all project documents and drawings, as well as a complete audit trail of all decisions and actions.

Kavia said previous collaboration tools had limited Afren’s ability to provide access to project participants outside of Afren.

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