WE CURRENTLY SEEK FUNDING OF BILABRI OILFIELD PRODUCTION PROJECT OML 122, OFFSHORE NIGERIA INTERESTED INVESTOR SHOULD CONTACT US TO GET THE ANALYSIS AND OPPORTUNITY DOCUMENTATIONS
SUMMARY
One of the Nation’s independent oil and gas exploration and production Companies is the license holder and operator of block OML 122, a 1295 square kilometer concession offshore of the Niger Delta. The Bilabri field is ready for production having already been explored, appraised and extensively flow-tested; by six (6) oil and gas wells and modern 3-D seismic data. To date over US$262 Million has been invested to mature the project for production.
Since 2006 the Bilabri Deep-1 (B-DX1) exploration well; the Bilabri Deep 2, Bilabri Deep 3 and Bilabri Deep 4 appraisal and development wells have been drilled thereby delineating the Bilabri Oil Sand (C2 reservoir) and confirming an oil flow rate of up to 7188 bopd from a single vertical well bore in the Bilabri Deep 1 well.
The Bilabri field has already proved producible oil, gas and condensate reserves with significant upsides. Netherland, Sewell & Associates, Inc. one of the leading worldwide petroleum engineering firms, has certified the C2 reservoir oil reserves, producibility and development plan.
We requires early funding for the drilling and completion of three (3) production wells into the proven Bilabri oil bearing reservoirs and commence early oil production using a leased floating production, storage and offloading (FPSO) vessel. Project economic analysis demonstrate that at the planned initial production of 12,500 barrels of oil per day (bopd) and baseline oil price of US$60.00 per barrel, the project will payout well within two years of production with an Internal Rate of Return (IRR) of over 60%. At a more realistic price of US$70/bbl, the project shall achieve payout well within one year.
A Suitable Floating Production Storage and Offloading vessel owned and operated by BW Offshore Limited has been identified. The vessel is currently in Singapore and subject to early funding will be on location for commencement of production during the second quarter of 2010. A contract has been agreed with BW Offshore awaiting a US$20 Million down payment for the FPSO. Early payment is also required for Subsea Xmas trees (supplied by Cooper Cameron) to facilitate oil production during 2010.
A number of international crude oil marketing companies (including Gunvor International, Total and Vitol) have offered to offtake and purchase the entire oil production.
As oil prices have averaged above the US$60 per bbl mark over the past three (3) years, the project will breakeven at a production rate of 6,820 bopd in the event this price level is maintained over the duration of the facility. The company’s expected production forecast of 12,500 bopd and the current average oil market price in excess of US$85 per bbl further demonstrate the viability and robustness of this project.
WE ARE ALSO LOOKING FOR AN INVESTOR WHO HAVE INTEREST IN BUILDING A REFINERY IN AFRICA.
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