TotalEnergies Renews OML130 Deep Offshore License In Nigeria

(RTTNews) - TotalEnergies, operator of OML130 in Nigeria, said that it has renewed the production license on the block for 20 years.

Located 150 kilometers off the Nigerian coast, the OML130 block contains the prolific Akpo and Egina fields which came into production in 2009 and 2018 respectively. The production start-up from Akpo West, a short-cycle project, is expected by the end of 2023. In addition, OML130 contains the Preowei discovery, to be developed by tie-back to the Egina FPSO.

TotalEnergies Upstream Nigeria Limited operates OML 130 with a 24% interest, in partnership with CNOOC (45%), Sapetro (15%), Prime 130 (16%) and the Nigerian National Petroleum Company Ltd as the concessionaire of the PSC.

Africa Oil said it has an effective 8% interest in OML 130 through its 50% shareholding in Prime Oil & Gas Coöperatief U.A. The renewal of OML 130 means that Akpo, Egina and Preowei fields will operate under the terms of the new Petroleum Industry Act.

Africa Oil noted that the renewal of OML 130 will also allow Africa Oil to increase the available amount of its standby corporate credit facility to $200.0 million from $100.0 million currently, significantly increasing its liquidity. The facility, which is currently unutilised, is available to be drawn until October 20, 2023.