Oil and gas firm, Lekoil Ltd said oil production from the Otakikpo marginal field will hit 10,000 barrels of oil per day by end of the year.
The company said continuous production from the field located in the Niger Delta, has now commenced, while it also said it has appointed a new chief financial officer.
Lekoil said it has now completed and commissioned the six kilometre offshore pipeline leading from the storage tanks to the tanker at the Otakikpo site, and all onshore facilities and the pipeline have been signed off by the regulators.
The field is being jointly developed by Green Energy International Ltd as the operator and Lekoil as the technical and financial partner.
Initial production from the four production strings across both wells at the site is in line with Lekoil’s expectations, and the rate is around 5,000 barrels of oil per day, per current regulatory approvals for production commencement.
Lekoil said it now will focus on gathering production data and optimising the performance of the wells, as well as ramping up production to 10,000 barrels of oil per day by the end of the second quarter of 2017.
In a separate statement, Lekoil said Bruce Burrows will join as its new finance chief with effect from February 27.
For the past six years, Burrows has served as finance chief of private gas company Seven Energy, which operates in south east Nigeria, and before that was finance director of London-listed JFX Oil & Gas PLC.