ABOUT
BACKGROUND
Prime Exploration and Production Limited (Prime E&P), incorporated in 2003, is a company engaged in the exploration and production of oil and gas and related activities.
The directors of the company are seasoned oil industry experts and accomplished business persons.
The Chairman of the Company, Chief C. O. Oyibo is a former Group Managing Director of the Nigerian National Petroleum Corporation, NNPC.
The Managing Director, Mr. M. I. Akpan is a former Group General Manager in charge of NAPIMS, the arm of NNPC overseeing government interests in all the oil companies operating in Nigeria and before then, was the Managing Director of Nigeria Petroleum Development Company, NPDC, a subsidiary of NNPC.
Detailed profiles of all Directors are contained in Our Board .
ASARAMATORU MARGINAL FIELD (OML 11)
The Asaramatoru Marginal Field was awarded to a sister company, Prime Energy Resources Limited and another company, Suffolk Petroleum Services Limited by the Federal Government of Nigeria in 2004, with Prime Energy Resources awarded 51% equity holding in the field and Suffolk Petroleum Services awarded 49% stake in the field. Prime Energy Resources Limited was appointed operator of the asset.
Prime Energy Resources transferred its interests and assets to Prime Exploration and Production Limited, a company incorporated solely for the exploration and production of oil and gas. The operatorship has therefore been invested in Prime Exploration and Production Limited.
Asaramatoru field is situated onshore in the southern swampy section of OML 11 which is one of the largest onshore blocks in the classical Eastern Niger Delta area spanning the coastal swampy section in the south to dry land in the north. OML 11 is operated by Shell Petroleum Development Company of Nigeria Limited on behalf of NNPC/Shell /Total/Agip Joint Venture.
The field is situated in the vicinity of Andoni Local government Area in a terrain that is mangrove forested and is approximately 45 km (straight line) SSE of Port Harcourt in Rivers State.
The Bonny LNG plant and other producing oil fields such as Bonny, Bomu and Alakiri – all operated by SPDC, are located in close proximity to the Asaramatoru field.
EVALUATION OF THE FIELD
Two wells were drilled in the field by Shell Petroleum Development Company of Nigeria Limited (SPDC) and both wells encountered oil and gas in several reservoirs. The wells were both suspended as oil and gas discoveries. Data available include 3-D seismic data and Wireline log data.
An independent evaluator carried out evaluation of the field and its hydrocarbon resources, using the available data indicated above and made an initial recoverable reserves estimate of 28 Million Barrels of oil and 2.7 Billion Standard Cubic Feet of associated gas.
BUSINESS PLAN AND EXPLOITATION MODALITIES
The company’s business plan is to develop the field and commence production of oil and gas from it utilising the existing two wells, in the first phase of the field development plan. This will be followed by the drilling and completion of three to five additional wells and facilities installation, to enable optimal drainage of the hydrocarbons in the field for enhanced revenue generation, in the second phase.
The first phase has been accomplished, with the successful re-entry and completion of the two existing wells, which are now producing an average of 2,700 barrels oil per day. The produced crude is transferred to an offshore FSO for further storage and export. This step was taken for the establishment of production from the field and for the generation of early revenue.
The second phase of the project is being contemplated and its implementation is being commenced and this will involve the construction of flow lines and pipelines for the evacuation of produced oil and gas from the wells to the processing facilities and from the processing facilities to a tie in point on shell’s trunk line at the distance of about 10 kilometres from Asaramatoru Field, through a 6 inch evacuation pipeline for the evacuation of the dry crude to Oloma Flow Station.
Other activities as part of the field development will involve the drilling of three to five new wells for the optimal recovery of the estimated recoverable reserves from the field.
Other ancillary activities will include the expansion of the processing facilities to be able to handle and process up to 20,000 barrels per day expected production at peak production.