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  1. Market Data
May 12, 2022

OML 123 Conventional Oil Field, Nigeria

By Carmen

OML 123 is a producing conventional oil field located in shallow water in Nigeria and is operated by Addax Petroleum Development Nigeria. The field is located in block OML 123 (OPL 98), with water depth of 132 feet.

Field participation details

The field is owned by China Petrochemical.


Production from OML 123

The OML 123 conventional oil field recovered 91.63% of its total recoverable reserves, with peak production in 2008. The peak production was approximately 58.31 thousand bpd of crude oil and condensate. Based on economic assumptions, production will continue until the field reaches its economic limit in 2030. The field currently accounts for approximately 1% of the country’s daily output.


Remaining recoverable reserves

The field is expected to recover 29.28 Mmboe, comprised of 29.28 Mmbbl of crude oil & condensate. OML 123 conventional oil field reserves accounts 0.01% of total remaining reserves of producing conventional oil fields globally.


Methodology

Information on the field is sourced from GlobalData’s fields database that provides detailed information on all producing, announced and planned oil and gas fields globally. Not all companies mentioned in the article may be currently existing due to their merger or acquisition or business closure.

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