SIPEC, a subsidiary of China Petroleum & Chemical Corporation, and Nigerian Petroleum Development Company (NPDC) have jointly found crude in the Kakaku-1 well in oil mining lease (OML) 64 in the Niger Delta region.
The well was drilled to a total depth of 11,150ft and struck six hydrocarbon intervals, out of which three are bearing oil.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The Kakaku-1 well can produce between 1,284 and 3,110 barrels a day with zero water content. Production from the well will start following the field appraisal.
NPDC and SIPEC signed an agreement in 2004 to jointly develop OML 64, which is around 278 square kilometres.
NPDC pumps between 50,000 and 70,000 barrels of crude oil a day and is planning to increase the production level to around 150,000 barrels a day by the end of the decade.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
