Yemisi Izuora/Ijeoma Agudosi
Oando Energy Resources has announced its 2014 year-end summary Reserves and Resources for its assets in Nigeria where it said it has significantly increased its reserves, both Proved and Proved and Probable Reserves, as a result of technical revisions and the acquisition of the Nigerian upstream oil and gas business of ConocoPhillips Company
According to the report proved net reserves increased by 78 percent to 288.5 million barrels of oil equivalent ( MMboe), while proved and Probable net reserves increased by 82 percent to 420.3 MMboe.
The increase was largely due to recognizing the precedence of the license renewal under the Nigerian Petroleum Act, which is the basis of the extension of the reserves beyond the current license limit.
Commenting on the report,
Pade Durotoye, CEO of Oando Energy Resources., said, “We are very pleased with the new 2014 Reserves Numbers that confirms our thesis at the time we embarked on our transformative COP acquisition,”.
“This large Reserves base gives us significant scope and opportunity to even further enhance production over the coming years and pursue in-field exploration opportunities that will further increase our Resource Base,” he said