First Hydrocarbon Raises Targets in Nigeria's Ogini, Isoko fields
First Hydrocarbon Nigeria Limited (FHN) has raised the reserve potentials of the Ogini and Isoko oil fields in Nigeria following the completion of an independent assessment of the reserve and contingent resource potential of the Ogini and Isoko fields.
FHN acquired a 45per cent interest in the Oil Mining Lease (OML) 26 portfolio of assets from the Shell Petroleum Development Company Joint Venture (SPDC) in December 2011 and raised $280 million of syndicated debt and mezzanine finance to fund the field development and further inorganic growth.
The OML 26 portfolio of assets holds two producing fields – Ogini and Isoko, with proven oil reserves estimated at 129.3 million barrels and gross contingent resources estimated at 75.7 million barrels.
There are also three proven but undeveloped fields – Aboh, Ovo and Ozoro, with an estimated 144 million barrels of oil equivalent (mmboe) of gross contingent resources, previous operator’s estimates, as well as a further 615 mmboe of gross prospective resources on the block.