Lekoil Nigeria Limited ranks among the foremost companies providing energy services in Nigeria, which is home to one of the most vast and varied oil economies in the African continent.
Appearing as a cutting-edge player in the oil and gas sector due to its structural plans, project and commitment to green life, Lekoil Nigeria Limited has strengthened its position in the oil and gas field.
This blog focuses on the activities and other information of the company and its role in Nigeria’s oil and gas industry.
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Who is Lekoil Nigeria Limited?
Lekoil Nigeria Limited is a company that can best be placed under the category of indigenous oil and gas companies with major interest and vision in the sectors of exploration and production.
It was incorporated with a vision of exploiting the underexploited oil and gas resources in Nigeria. Concentrating on exploration, appraisal and development, Lekoil seeks to address the increasing energy supply deficit in Nigeria and the wider African landscape.
The location of Lekoil field and operational locations in Rivers State is in addition to their headquarters in Lagos.
On May 17, 2013, LEKOIL Nigeria Limited, through its subsidiary Lekoil Limited, successfully listed on the AIM market of the London Stock Exchange.
The company raised a total of fifty million United States dollars, which was a record amount for an E&P company that was new to the AIM market that year.
Since then, Wood Mackenzie has ranked the Ogo discovery in OPL 310 as one of the largest discoveries in the world in 2013.
Additionally, we have successfully completed the acquisition of the Otakikpo Marginal Field, and production is currently underway.
Technical and operational competence of LEKOIL Nigeria Limited
Local knowledge is combined with in-depth competence in exploration, production, and geophysics in Nigeria as well as in other parts of Africa by a technical management team that has a tremendous amount of experience.
The investigation done by the team has assisted in locating reserves that are far higher than the estimates that were previously made.
Through the consistent application of our experience and the most recent technological advancements, we will be able to guarantee that we will fulfil the potential of those reserves and discover new opportunities.
An example of this would be the fact that Otakikpo went from being a green field project to being in production in a span of less than three years.
Since then, production has been consistent at approximately 6,000 bopd, and there have been no Lost Time Incidents (LTI) or any negative effects on the environment.
Lekoil Vision
- To be the world’s leading oil Exploration & Production company focused on Africa
Lekoil Mission
- To maximise value for our stakeholders in a sustainable manner, by operating with integrity and leveraging local resources
Board & Management of LEKOIL Nigeria Limited
- Aisha Oyebode (Chairperson)
- Olalekan Akinyanmi (Founder & Chief Executive Officer)
- Samuel Olotu (Chief Technical Officer)
- Edward During (Director Chief Financial Officer)
- Dr. Wura Abiola (Director)
- Gloria Iroegbunam (GM Legal & Company Secretary)
- Kike Fajemirokun (GM, Human Resources)
Key Operations and Projects of LEKOIL
Lekoil Nigeria Limited has overseen a myriad of oil blocks and other assets both on and offshore. Here are some of its most notable ventures:
Otakikpo Marginal Field (LEKOIL: 40% interest)
In OML 11, which is located in the south-eastern section of the Niger Delta, Otakikpo is situated in a coastal wetland site that is next to the beach.
The development of the field will take place in two stages. As part of the initial phase, which began with the beginning of commercial production in February 2017, the objective is to achieve a production rate of roughly 10,000 bopd through the utilisation of an Early Production Facility and to export the product through shuttle tankers.
During the second phase, a new Central Processing Facility and seven new wells will be constructed in order to increase production to about 20,000 barrels per day.
DAHOMEY BASIN OPL 310 (LEKOIL 40% interest)
OPL 310 is situated on the West African Transform Margin in the Dahomey Basin.
The block extends from the shallow continental margin near the City of Lagos to deeper water.
The primary prospects are located in water depths between 100 and 800 meters and are in close proximity to the West Africa Gas Pipeline.
In 2013, the Ogo-1 well and the Ogo-1 ST well were effectively drilled, leading to a substantial oil discovery.
Based on well data, the partners estimated that the P50 gross recoverable resources across the Ogo prospect four-way dip-closed and syn-rift structure are 774 mmboe..
OPL 276 (LEKOIL: 45% interest)
The acquisition of a 45 percent participating interest in the Production Sharing Contract in relation to OPL 276 was announced in August.
The territory in question is located onshore in the eastern Niger Delta basin. Four wells have been drilled in the licence area, resulting in four discoveries (two oil and two gas).
Preliminary resource estimates, based on data from the four wells, indicate that the gross recoverable volumes are 29 million barrels of oil and 333 billion cubic feet of gas, with
LEKGAS: A Lekoil Company
LEKGAS is a wholly-owned subsidiary of LEKOIL Nigeria Limited. LEKGAS is LEKOIL’s natural gas midstream vehicle, which is responsible for establishing strategic, commercial, and technical partnerships with world-class companies in order to access gas and gas-to-power opportunities, primarily in Nigeria, the company’s primary country of operations.
LEKOIL Nigeria Limited Contact Details
media@lekoil.com
investorrelations@lekoil.com
Nigeria: 16 Idowu Martins Street, Victoria Island, Lagos, Nigeria
+234-201-277-0560
USA: 12 Greenway Plaza, Suite 1100, Houston, Tx 77046
+1-832-743-4685
LEKOIL Nigeria Limited Corporate Social Responsibility
LEKOIL Nigeria Limited is dedicated to exhibiting leadership in the areas of environmental stewardship, employee health and safety, and social responsibility. In order to achieve a positive impact on the communities in which it operates, the Company is committed to conducting its operations in accordance with the utmost ethical standards.
Environmental Responsibility
Unlike many resource-extraction companies, Lekoil Nigeria Limited emphasizes sustainable exploration and production. The company aligns with global standards for environmental, social, and governance (ESG) practices. Measures include:
- Adoption of technologies that minimize emissions during exploration and production. Â
- Community engagement programs that prioritize the wellbeing of surrounding regions. Â
- Efforts to rehabilitate the environment following operations. Â
Employee safety
The safety, health, and well-being of workers and contractors are the most important things to LEKOIL Nigeria Ltd.
The company is dedicated to putting in place rules and guidelines that will get rid of all job dangers.
Some of these are operational controls and processes, proper job training, figuring out the risks, and keeping an eye on working conditions all the time.
Medical Outreach in Ikuru Town
LEKOIL signed the Memorandum of Understanding with the leaders of Ikuru, Ugama Ekede, Ayama Ekede, Asuk Ama, and Asuk Oyet, the host villages in the Andoni Local Government Area of Rivers State that surrounds Otakikpo, in December 2014.
These agreements came after we started working with the local community after buying the Otakikpo land and starting to speak with them.
At the same time, we started providing medical outreach services.
Final Thoughts
The energy sector continues to evolve, and companies like Lekoil Nigeria Limited demonstrate the importance of innovation and resilience in staying ahead. With its focus on exploration and sustainable growth, Lekoil is a shining example of how Nigerian businesses can compete on the global stage.
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