Nigeria’s Aje Oil Field Offers More Crude Lifting Opportunities To Partners

ADM Energy unveils 2020 investments strategy for Nigeria, West Africa -  Businessday NG

Yemisi Izuora

ADM Energy has announce the completion of the 15th crude oil lifting at the Aje field, part of OML 113 offshore Nigeria.

The lifting totalled 225 000 barrels with a net share of 27 675 barrels to ADM, which equates to ADM’s paying interest of approximately 12.3 per cent.

The nominated offtake partner for the lifting was La Chorale, a global energy & commodity trading company.

According to the firm, the temporary drop in volume from the previous lifting announced in October 2020 reflects a decision from the Joint Venture, JV partners to carry out a more thorough and extended period of maintenance on the FPSO while oil prices were depressed.

This ensures the JV partners can take full advantage of the assets production levels going forwards, while benefiting from the subsequent uplift in oil prices.

The proceeds of the lifting will be applied against the project debt, significantly reducing the outstanding balance. The JV partners remain in discussion in respect of project level debt and any potential mitigating actions and associated reduction in project overheads and the company will update the market once an agreement has been reached.

ADM Energy holds a 9.2 per cent profit interest in the Aje field and this is the first lifting since the company finalised an agreement in December 2020 to consolidate its interest in the asset.

Covering an area of 835 km² offshore Nigeria, Aje is an oil producing asset rich in gas and condensate reserves and currently has two producing wells, Aje-4 and Aje-5.

Osamede Okhomina, CEO of ADM Energy, said: “We are delighted to carry out the 15th lifting, the first since we increased our holding in the Aje field, which nearly doubled our share of revenue, reserves and net production.

Given our increased stake, exciting development plans for Aje, and potential further improvement in the oil price forward curve, we are well positioned to further benefit from future liftings from this quality asset.”

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