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Sahara optimistic about production from OPL 274

By BusinessNews Staff on April 10, 2015

Sahara Group’s upstream company has said it is making good progress with its activities in OPL 274 where it has a 100 per cent working interest, even as the company continues to press towards optimising opportunities in the block where it hit first oil.

Sahara, in a statement on Wednesday, said its upstream division last year doubled its certified 2P reserves in the Oki-Oziengbe South field in Edo State, Nigeria, making a new commercial discovery with the Oluegi-1 exploration well.

Sahara Group is a privately owned power, energy, gas and infrastructure conglomerate with footprints in Africa, Europe, Asia and the United Arab Emirates.

According to the Managing Director of Enageed, the Sahara Upstream company operating OPL 274, Mr. Segun Ogunwumi, the company has continued to witness steady positive outcomes in its activities in OPL 274 preparatory to moving on to the phase of commercial production from the field.

“We are doing very well with our timelines and remain focused on the target ahead. We have an amazing collection of staff who are working alongside our regulators and key stakeholders and we remain confident that we will achieve our timelines and ultimately extract maximum value from what has been a historic success so far in OPL 274,” he said.

Ogunwumi noted that whilst the focus on OPL 274 had since taken precedence over other assets where it has interests, the company remained resolute in its commitment to activities in other fields, adding that it would review its position on others following strategic consultations.

“We are working closely with the regulatory body and all stakeholders on this,” he stated.

It would be recalled that the Chief Operating Officer, Sahara Upstream, Cohen Curtis Cohen, had at the point of discovery of oil in OPL 274 described the feat as representing a number of firsts for Sahara.

[Punch]

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