5 December 2007

Nigeria: Okoro Setu Field to Produce 20,000bpd

Singapore — The Federal Government's aspiration to develop oil reserves received a boost yesterday, as Afren Energy Resources has announced that between 15,000 and 20,000 barrels of oil per day would be produced from the Okoro Setu oil field, offshoreNigeria, in the first quarter of 2008.

Speaking yesterday at the sail Away ceremony of the Armada Perkasa's Floating Production Storage and off-loading vessel (FPSO), at the Keppel Shipyard, Singapore, Chairman/Managing Director Afren Nigeria, Mr Egbert Imomoh, said when completed, the Armada Perkasa will have a storage capacity of 360,000 barrels of crude oil and will process 27,000 barrels per day.

The FPSO will be the primary crude oil production, storage and export facility at the Okoro Setu Project, which is being developed in partnership with Amni international Petroleum Development.

The Armada Perkasa, a 211 metre and 33,081 ton vessel, owned and operated by Bumi Armada Berhad, one of the largest owners and operators of offshore support vessels in Malaysia, was refurbished by Keppel Shipyard Singapore.

The FSPO vessel which is due to arrive at the Okoro Terminal in February 2008, will process the total well fluids, producing stabilised crude for storage in the FPSO, with subsequent regular off-take by export tankers.

Imomoh said in line with the company's commitment to Nigerian government's local content policy, the Armada Perkasa, at peak production, will engage directly or indirectly, more than 100 Nigerians."When completed, the Armada Perkasa will form part of the integrated Okoro Field development comprising a Well head platform and in-field flowlines, which will process some 27,000 barrel per day of hydrocarbons and store an estimated 360,000 barrels of crude oil.," he said.

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