Oando Energy Resources Incorporated has invested $85.8 million (N13.7 billion) from January to October 2013 on the development of oil fields in Nigeria. The company intended spending additional $17 million before the end of the year.
Besides, Oando Energy Resources was a major sponsor of the 20 Africa Oil Week organized by global Pacific and partners, which took place in Cape, South Africa, last week.
The company has so far invested $20.3 million on OML 13 – Qua Ibo; $17.5 million on OML 56 – Ebendo; and $48 million on OML 125 – Abo oil fields.
The Chief Executive Officer of Oando Energy resource, Olapade Durotoye, made this disclosure at the just concluded Africa Oil Week, Cape Town, South Africa.
According to him, two wells have been successfully drilled and completed on OML 13 and the flowlines, production facility and pipelines construction commenced. “Forecasted production capacity is 1,100bpd”.
He added: “On OML 56, two additional wells have been drilled and completed. An alternative 52km evacuation pipeline is 25 per cent complete. Delivery expected in fourth quarter of 2014. “Current production capacity: 3,213bpd”.
“On OML 125, two wells completed. At least 1,200bopd of additional production capacity delivered. “Two additional wells to be drilled in fourth quarter of 2013 and first quarter of 2014. Current production capacity is 3,288bpd”.