A discovery in shallow water by TotalEnergies in Nigeria, is the biggest the country has seen in a decade. Estimated resources could be in excess of 300 mmboe.
Addressing TotalEnergies discovery at Ntokon in the shallow water Niger Delta, Gail Anderson, Director of upstream research at Wood Mackenzie, said: “Ntokon is likely to be Nigeria's biggest shallow water discovery in a decade. Despite the lack of exploration in recent times, this discovery shows that there is still plenty of running room in the shallow water Niger Delta.”
Based on analogous net pay of shallow water discoveries in the Tertiary Agbada formation of the Niger Delta, and above-average recovery from high quality reservoirs, Wood Mackenzie estimates that the field could hold resources in the range of 300 to 400 mmboe.
The discovery was made on shallow water block OML 102, which is part of a joint venture between operator TotalEnergies (40%) and NNPC Limited (60%). Ntokon will be developed as a tie-back to the Ofon field, 20 km to the northeast, on the same block.
Anderson continued: “Assuming 320 mmboe of reserves, a wellhead platform development of 60-70 m water depth with up to 30 wells and a multi-phase pipeline to Ofon could achieve first oil in 2029. This would generate a healthy IRR of 24%, based on the current concession terms, with the understanding that the JV will not convert to the Petroleum Industry Act fiscal terms.”
Wood Mackenzie analysis notes that filling the Ofon facilities and the oil terminal will significantly cut emissions intensity, while a ready-made gas export route will make Ntokon a zero-flare development.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/16062023/totalenergies-make-shallow-water-discovery-in-nigeria/