Sinopec Henan Oilfield in Study of Nigeria Oil Prospects

Sinopec Henan Oilfield Co. has started a feasibility study into two potentially major oil prospects in Nigeria to determine possible reserves and design development plans, a Henan official said Thursday.

In mid-April, Nigeria approved an agreement between state-owned Nigerian National Petroleum Corp. and Sinopec Corp., the parent of Henan Oilfield, for the development of the OML 64 and 66 blocks.

Sinopec Corp. is already producing at Stubb Creek field in Nigeria with a daily flow rate of 4,000 barrels. The company has asked Henan Oilfield to further investigate Stubb Creek to raise production there, a Sinopec official said.

The study into OML 64 and 66 blocks and Stubb Creek, which involves processing existing geological and seismic data, will take about three to six months to complete, the Henan official said.

Sinopec is interested in west African oil prospects due to the area's huge reserve potential and China's good relationship with African countries.

Henan Oilfield is a unit of China Petroleum & Chemical Corp. (SNP), or Sinopec Corp. Sinopec Corp. has instructed four company units, including Henan Oilfield, to study West African hydrocarbon prospects that are available for international bids.