Following a successful bid for the Egbolom field (PPL 202, formerly OML23) during the 2020 marginal field bid round, the Federal Government of Nigeria awarded SunTrust Atlantic Energies Limited (“SunTrust Atlantic”) a 35.82% participating interest in PPL 202.
PPL 202 is jointly held by SunTrust Atlantic and four others, with SunTrust Atlantic having the largest participating interest.
Further to the grant of PPL 202 and the directive of the Nigerian Upstream Petroleum Regulatory Commission, SunTrust Atlantic, together with its co-licensees, jointly incorporated a special purpose vehicle, Ingentia Energies Limited (“Ingentia”), to operate the Egbolom field. Ingentia is owned by all the licensees of PPL 202, and shareholding corresponding with their participating interests accordingly.
The Egbolom field, formerly situated in OML 23, was discovered in 1982. It is an onshore (swamp) marginal field located in the Central Niger Delta Sedimentary Basin, 12km from the Ogbele terminal and about 18km north-east of the Soku Field, operated by Shell.
The Egbolom field has an Estimated Ultimate Recoverable (2P) reserve of about 86 million barrels and STOIIP (2P) of 219.8 million barrels with a reservoir depth of 762m. The Egbolom Discovery consists of two wells, Egbolom-1, a vertical well drilled in March 1982 to a total depth of 11,118 ft MD and Egbolom-2 drilled in August 1986 approximately 2.1 km north-west of Egbolom-1 to depth of 12,390 ft MD. The wells encountered stacked sand and shale intervals of the Miocene Agbada Formation. The regional source rock is the underlying Akata shale.
Full field development activities have commenced in earnest with the re-entry operations of the Egbolom-2 well nearing completion. First oil from the Egbolom field is expected by April 2024. Based on its appreciable accredited reserves base, the Egbolom field is set to become a significant contributor to Nigeria’s indigenous production target.