Together with their partners Chevron and NNPC, Equinor have signed deal to extend the OML 128 license to continue to produce oil from Nigeria’s Agbami field for at least two more decades; in a deal that not only secures value for the operating partnership but also provides crucial income for Nigeria’s economy, local employment and supplies.
Agbami is a major field, the cumulative production of which recently exceeded 1 billion barrels, Chevron operates the Agbami Field, which was Discovered in 1998. Agbami is a subsea development with wells tied back to a floating production, storage and offloading (FPSO) vessel. The original Agbami development scope (Agbami 1, 2 and 3) is complete. To offset field decline, infill drilling continued in 2019.
Its a reliable oil source for the world which will contribute towards the future’s global security of supply. It is great to be able to extend the lifetime of this established asset and to continue to benefit the economy of Nigeria, one of our host countries in Africa.
Over two decades of progress
Equinor have been in Nigeria since 1992 and have played a significant role in developing the country’s biggest deepwater field Agbami, utilising one of the world’s largest floating production, storage and offloading vessels. It is located 110 kilometres off the Nigerian coast in water depths of 1,500 metres. It has been developed using subsea wells and is the world’s largest floating production, storage and offloading (FPSO) vessel. The FPSO can store up to 2.2 million barrels of oil and will be on location for more than 20 years.
Equinor also operates two exploration licences—OMLs 128 and 129—with a 53.85% share in both. Six wells have been drilled in both, with two discoveries made.
While the Nnwa discovery is predominantly comprised of gas as well as some oil, Bilah is a gas and condensate discovery. Both discoveries remain undeveloped today.
Equinor Presence in Nigeria
- Equinor has been in Nigeria since 1992.
- Equinor has played a significant role in developing Nigeria’s biggest deep-water field, Agbami, utilising one of the world’s largest floating production, storage and offloading vessels.
- Daily equity production of 26,000 (2021)
- Equinor has a 20.21% stake in the Agbami oil field, while Chevron is the operator with 67.30% interest and Prime 127 holds the remaining 12.49%.
- Equinor have drilled 10 wells with 40% discovery rate and invested more than US$3.5 billion.
- Equinor is a supplier of refined products in Nigeria.
