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December 8, 2021updated 27 Apr 2022 11:50am

OML 42 Conventional Oil Field, Nigeria

By Carmen

OML 42 is a producing conventional oil field located onshore Nigeria and is operated by Neconde Energy. The field is located in block OML 42.

Field participation details

The field is owned by Nigerian National Petroleum, Aries Energy & Petroleum, Kulczyk Investments, Serinus Energy, VP Global and Nestoil.


Production from OML 42

The OML 42 conventional oil field recovered 94.14% of its total recoverable reserves, with peak production in 1972. The peak production was approximately 153.35 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 55.68 Mmboe, comprised of 55.68 Mmbbl of crude oil & condensate. OML 42 conventional oil field reserves accounts 0.01% of total remaining reserves of producing conventional oil fields globally.


About Neconde Energy

Neconde Energy Limited (Neconde Energy) is a consortium formed by Nestoil Plc, Aries Energy & Petroleum Company Limited (AEPCL), VP Global Limited (VP Global), Kulczyk Oil Ventures Inc. (Kulczyk Oil) and Kulczyk Investments S.A. (Kulczyk Investments). Neconde Consortium acquired 45% participating interest in OML 42 in Niger Delta basin from The Shell Petroleum Development Company of Nigeria Ltd., Total E&P Nigeria Limited, and Nigerian Agip Oil Company Ltd, for a purchase consideration of approximately $600m. The consortium includes Neconde Energy and its members AEPCL, VP Global, Kulczyk Oil and Kulczyk Investments.

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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