Photo by: Bloomberg
JSE- and NYSE-listed Camac Energy on Tuesday expected its Northern Offshore Energy Searcher drillship to arrive at the Oyo oilfield by the end of April as it awaited “imminent” Nigerian Department of Petroleum Resources clearance to enter Nigeria and kick off drilling operations.
The West- and East Africa-focused group was progressing both of its offshore wells with production expected this year, enabling Camac to end the year with an estimated production rate of 14 000 bbl/d of oil.
“We are confident about our current operational status and look forward to ramping up net daily production from 2 000 bbl/d to 14 000 bbl/d of oil by year-end,” averred Camac senior VP of exploration and production Segun Omidele.
The company planned to spud Oyo-8 around mid-May, with well-hookup and first production expected in October.
The drilling rig, which was currently located offshore Cameroon, where it was awaiting the green light, would then move to complete and hook-up Oyo-7, with first production expected in November.
“In addition to the development wells offshore Nigeria, the company has identified ten exploration prospects and 12 leads, and currently [has three high-grade] prospects containing [risk-free] prospective resources in excess of 200-million barrels of oil each,” Camac said.