 | |
| 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 is 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.
The National Oil Corporation is the national oil company of Libya. It dominates Libya's oil industry, along with a number of smaller subsidiaries, which combined account for around 70% the country's oil output. Of NOC's subsidiaries, the largest oil producer is the Waha Oil Company (WOC), followed by the Arabian Gulf Oil Company (Agoco), Zueitina Oil Company (ZOC), and Sirte Oil Company (SOC).
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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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Engr Christopher Aigbovbiosa Ogiemwonyi is a Nigerian politician and businessman. He was a former Minister for Works at the Nigeria Federal Ministry of Works. He was the retired group executive director of the Nigerian National Petroleum Corporation. As of January 2020, he is the President of Energy and Engineering Technology Consulting Group. He has held this position since 2011.
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Onajite Paul Okoloko is a Nigerian billionaire bussinessman 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”).
The Lancaster oilfield is an offshore oil field in Scottish territorial waters 100 kilometres (62 mi) west of Shetland and 170 kilometres (110 mi) north of mainland Scotland in water depths of around 155 metres (509 ft). It comprises licence blocks 205/21a, 205/22a, 205/26b and 205/22b in Licence P1368 (Central), all of which are fully owned by Hurricane Energy. It is the first naturally fractured basement oilfield in the United Kingdom Continental Shelf to reach production.
