Petroleum Mining Lease 52
Formerly part of the converted block OML-127, it occupies an extension
of 361.7 km2 and is located 113 km off the coast southeast of Lagos in the deep waters of the Central Niger Delta.
This lease covers part of Agbami, one of the largest oil producing oil fields in Nigeria.
The field is a large anticline with a volume in place exceeding 2.5 billion bbl.
It contains high-quality crude oil with an API gravity in the high 40s and low sulfur content.
Prime 127 participates actively in the development, providing financial support as well as technical skills and oversight of field operations.
Prime 127
Chevron
Operator
8%
Working interest
Chevron, Famfa Oil
Partners
Agbami
Main field
Agbami
Agbami is a subsea development with wells tied back to a floating production, storage and offloading (FPSO) vessel. It has produced more than 1 billion barrels of oil and still counts with significant reserves. The field is located in a water column of 1.500 m.
The original Agbami development scope (Agbami phases 1, 2, 3) and the initial phase of the “Agbami Infill Drilling Program” are complete. Additional infills, backed by regular 4D seismic monitors (monitor 3), are planned in the short term.
PPL 2003
PPL (Petroleum Prospecting License) 2003 is located just adjacent to PML 52. The license covers an area of 145.4 km2. It includes the Ikija discovery and other leads/prospects to be developed and tied-in to the Agbami FPSO in the mid-term. Ikija is an oil and gas accumulation located in a 3-way anticline structure containing high quality fluids similar to Agbami. Prime 127 has 8% non-operated working interest in this PPL.