SunTrust Oil Company, an indigenous E&P company and a 30% equity owner of OML 56 Umusadege (which assets currently produces over 22,000 bpd), strengthens its desire to become a leading oil and gas exploration and production company in Africa via the official handing over of the recently acquired Onshore Nigerian Oil Mining Lease 18 (“OML 18”).
SunTrust Oil is pleased to announce that it is a member of the consortium that has acquired a 45% participating interest in OML 18 and all its associated assets, wells pipelines and infrastructure from the Shell Petroleum Development Company (“SPDC”), Total E&P Nigeria Limited and Nigerian AGIP Oil Company Limited consortium. The acquisition was completed pursuant to an Assignment Agreement between the Sellers and Eroton Exploration & Production Company Limited (“Eroton”), a special purpose company owned by the Consortium members. The remaining 55% participating interest is retained by the Nigerian National Petroleum Corporation (“NNPC”). The signing ceremony in Abuja March 19, 2015, endorsed the granting of the ministerial consent and operatorship of OML 18 to the Eroton consortium by The Honorable Minister of Petroleum, Diezani Alison- Madueke.
Barrels Per Day!
OML 18 Oil Production
Total cumulative oil production from OML 18 since 1970 (six years after being granted the license) is approximately 1,060 million barrels, with peak production in January 1971 at 140,000 barrels per day.
Crude oil production from OML 18 is exported through the Bonny Crude Oil Terminal via the Nembe Creek Trunk line. Gas production from OML 18 is delivered to various power, industrial and commercial customers via Nigeria Gas Company’s pipeline.
According to the President/CEO SunTrust Oil, Mr. Ugo Nduka-Okafor, this milestone reinforces SunTrust’s vision of becoming the leading Exploration and Production Company in Nigeria and sub-Saharan Africa. This feat enables the SunTrust consortium to diversify its operations and assets beyond the highly successful operations at the Umusadege marginal field located in Delta State, Nigeria.