Afren makes 307 million barrels new oil discovery

African-focused exploration and production company, Afren Plc, said it had made new oil discovery of over 300 million barrels at its Ebok and Okoro  oil fields.

Specifically, additional 150 million barrels of oil were discovered at the Ebok oilfield located in OML 67, offshore Nigeria; and 157 million barrels at the Okoro field located in OML 112 in shallow water offshore Nigeria.

Speaking during the FBN Capital Limited’s maiden Oil and Gas Roundtable in Lagos on Tuesday, Head, Finance, Afren Nigeria, Mr. Deji West, said, “We just discovered a reserve of 150 million barrels of oil each in the Okoro and Ebok fields.  We have 14 wells at Okoro and 24 wells in Ebok.“

He specifically said the Okoro field was currently producing over 20,000 barrels of oil per day, adding that the company had plans to increase the production to 50,000 barrels in the future. The Ebok field, according to him, is currently producing about 35,000 barrels a day.

He explained that Afren had a diversified portfolio, adding that the company had raised $2.8bn in the past eight years from the London Stock Exchange and other sources. Read more

About Author: Integrity Org

Integrity Organization is committed is an anti-corruption, research and advocacy organization. Its activities are centered on the aim to reduce the tolerance for corruption in Nigeria.

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