Afren to develop three Nigerian offshore oil fields in 3Q 2014

May 20, 2014 | Drilling / Completions, Nigeria

Lagos, Nigeria | –  African-focused and UK-listed independent exploration and production company, Afren plc Tuesday said it planned to begin further development drilling at its Nigerian offshore Ebok, Okwok and Okoro oil fields in the third quarter of this year  in a bid to bolster oil reserves and production.

“Installation of the Central Fault Block extension platform has started on Ebok and is expected to be completed by the end of Q2 2014, with development drilling planned for Q3 2014 targeting additional reservoirs,” Afren said in a statement on its first-quarter operations.

“The Field Development Plans for the Okoro and Okwok were approved by the Nigerian authorities…platform installation to be completed in Q2 2014 prior to development drilling planned for Q3 2014,” the company added.

Afren said in March that it expects gross oil production to rise to 62,000 b/d in 2014 with the additional output from the three fields and from onshore Oil Mining Lease 26, which Afren and its joint-venture partners bought from Shell in 2012.

Afren said Q1 revenue dropped by 30% year on year to $269 million due to “reduced share of production and liftings from the Ebok field following cost recovery.”

Profit however, rose to $73 million compared with $28 million in the same period last year, bolstered by a five-year tax exemption period granted the company on the Ebok field.