Sirius Petroleum,BP to develop Ororo field, offshore Nigeria

Sirius Petroleum, BP to develop Ororo field, offshore Nigeria

Sirius Petroleum, working to develop the Ororo field offshore Nigeria is in talks with BP over the financing of the project.

The company on Monday confirmed “it is currently in discussions with BP regarding an offtake and pre-payment facility to support the financing of the Company’s proposed drilling programme on the Ororo Field in Nigeria.”

However, Sirisu said that discussions with BP, and other parties regarding financing, are ongoing and there can be no certainty that Sirius will reach an agreement with BP regarding the proposed offtake and pre-payment.

It said it would provide updates to the market as appropriate.

The Ororo field, discovered in 1986, is located within OML 95 in shallow waters offshore Ondo State. The field lies in water depths ranging between 23ft and 27 ft.

Guarantee Petroleum has a 55% participating equity interest in the Ororo field with Owena Oil & Gas as its partner holding the remaining 45% interest. Sirius Petroleum acts as the technical and financing partner in the development of the field.

Offshore Energy Today

Related News: Schlumberger and Sirius petroleum to execute huge project in Nigeria’s Ororo Field

Sirius Petroleum has entered into a contract for the provision of an integrated services management (ISM) with the oilfield services company Schlumberger at the Ororo field off Nigeria.

The Ororo field, discovered in 1986, lies in shallow waters offshore Ondo State in water depths ranging between 23ft and 27 ft.

Guarantee Petroleum has a 55% participating equity interest in the Ororo field with Owena Oil & Gas as its partner, holding the remaining 45% interest. Sirius Petroleum acts as the technical and financing partner in the development of the Ororo field.

As part of Sirius’ shallow offshore development strategy in Nigeria, the contract with Schlumberger is for a multi-well campaign, which will start in the first half of 2017, Sirius stated on Monday.

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