 | |
| Company type | Public (AIM: ELA) |
|---|---|
| Industry | Oil and Gas |
| Founded | 2009 |
| Headquarters | Aberdeen, Scotland |
Key people | Ian Les Blair (CEO) George Walter Mitchell Maxwell (CFO) Harry Wilson (Chairman) |
| Website | www.elandoilandgas.com |
Eland Oil & Gas PLC was a Nigeria focused upstream oil and natural gas exploration and production company with operational offices in Abuja, Nigeria and Aberdeen, Scotland.
The Company was founded in 2009 with the vision and strategy to become a high growth Nigeria focused independent exploration and production company. [1]
Concurrent with the initial public offering in September 2012, [2] [3] Eland purchased a 45% interest in OML 40, with its partner Starcrest Energy Nigeria Limited, from the Shell Group. [4] [5]
The Nigerian oil business, Seplat Petroleum Development Company, acquired the company in December 2019. [6]
The focus in 2012/2013 was 1) to restart shut-in production on OML 40 through existing production facilities, 2) to commission a new CPR (Competent Persons Report), and 3) to commence drilling of new development wells through a long term drilling programme. [7] [8]
OML 40 has production history, booked developed and undeveloped reserves, infrastructure for production and oil export for 30,000 barrels (4,800 m3) of oil per day comprising a flowstation and an export pipeline. [9]
There is low risk appraisal upside and substantial exploration potential.
The licence area covers 498 km2 with gross lease 2P Reserves of 71.5 million barrels (11.4 million cubic metres ), [10] gross lease 3P Reserves of 117 million bbl (18.6 million m3), and gross lease 2C Contingent Resources of 15.5 million bbl (2.46 million m3), as estimated by McDaniel. [11] In addition, SPDC carried an exploration portfolio of 15 prospects and leads within OML 40 with total unrisked mean crude oil Prospective Resources of 356 million bbl (56.6 million m3), which have not been audited by McDaniel.
From 1975 until 2006, the Opuama field in OML 40 produced approximately 43 million bbl (6.8 million m3). In 2006, SPDC undertook a controlled shutdown of certain of SPDC’s assets in the Niger Delta, including OML 40, as they were unable to continue to operate these assets due to security problems. [12] Eland considers the security issues that prevented SPDC from producing from the OML 40 Lease area in March 2006 to be regional, not specific to the licence area, and substantially mitigated by the federal Government Amnesty programme in 2009, which offered unemployed youths from the Niger Delta the opportunity to train for employment in the oil and gas industry by way of Government sponsored schemes.
Eland intends to re-commission existing infrastructure and restart existing wells to re-commence production at an initial gross rate of 2,500 barrels (400 m3) of oil per day with a target to grow gross production to 50,000 barrels (7,900 m3) of oil per day within four years. [13] [14]
Nigerian crude is a high quality, light oil grade referred to as “Sweet”, which trades at a premium to Brent because of its high gasoline content and relatively low processing costs.
Lundin Energy was an independent oil and gas exploration and production company formed from Lundin Oil in 2001 and based in Sweden with focus on operations in Norway.
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Okoro Oilfield is an oilfield located 12 kilometres (7.5 mi) offshore Nigeria in an average water depth of 14 metres (46 ft) in the eastern Niger Delta. The field is located in OML 112 block. The Okoro Oilfield is operated and owned entirely by Amni.
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Circle Oil was an oil and gas exploration and production company based in Limerick in the Republic of Ireland. Its operations, all of which were in North Africa, specifically Egypt, Morocco and Tunisia, initially focused on oil exploration but expanded to include production.
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Aiteo is Africa’s largest privately-owned integrated energy company. It is involved in various aspects of the energy sector, including oil and gas exploration, production, refining, and marketing. Aiteo operates in West and Southern Africa.
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OML 29 is also known as Oil Mining Licence 29. Oil Mining Licence OML is one of the two types of licences issued to oil producers in Nigeria "with validity periods ranging from 5 to 20 years respectively." OML29 is a large block located in the southeastern Niger Delta containing 11 oil and gas fields. OML29 stretches over an area of 983 square kilometres. It includes the Nembe Oil Field, Santa Barbara Oil Field and Okoroba Oil Fields. It also include related facilities like the Nembe Creek Trunk Line NCTL. A 100 kilometres long pipeline with a capacity of 600 thousand barrels per day.
Onajite Paul Okoloko is a Nigerian billionaire businessman and oil tycoon. He is currently Group Chief Executive Officer/Managing Director of Notore Chemical Industries Plc (“Notore”). He is also the Chairman of Midwestern Oil & Gas Limited (“Midwestern”) and the Chairman of Eroton Exploration & Production Limited (“Eroton”).
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