CAMAC Secures Long-Term FPSO for Oyo Field

CAMAC Energy Inc. announced that a letter of intent was signed for the terms and conditions of a long-term agreement for the floating, production, storage, and offloading system Armada Perdana.

The vessel, situated on the Oyo field offshore Nigeria in OML 120, can process up to 40,000 barrels of oil per day. It has a storage capacity of one million barrels of oil and currently supports daily production of about 2,000 barrels of oil and 40 million cubic feet of natural gas from the field.

"FPSO Armada Perdana has been instrumental in supporting our ongoing operations deepwater offshore Nigeria. It has historically provided a high utilization rate and we are pleased to have this long-term infrastructure in place that will allow us to execute our development and exploration program," said Chairman and CEO Kase Lawal, in a statement.

Last month, CAMAC recently announced a multi-year drilling rig contract with Northern Offshore Ltd. The Energy Searcher (mid-water drillship) is expected to be delivered to the Oyo field in the first half of 2014 to commence drilling and completion activities. It is proposed that the company will complete the Oyo-7, drill and complete Oyo-8, and drill and complete Oyo-9.

The company said that these three wells will bring online a total of about 21,000 barrels of oil per day net. 

The Oyo field commenced production in December 2009 and produces oil and natural gas.


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