Production From Okono Field Starts in Record Time

Eni, through its subsidiary Agip Energy, operator of a service contract jointly with Nigerian Petroleum Development Company (NPDC), started production in record time at the Okono field offshore Nigeria. The contract with NPDC has been signed only 12 months earlier.

The reduction of the time to market, a strategic objective of the project, was reached thanks to an innovative contractual strategy, the skills of the construction team and the efficient co-ordination of Eni and NPDC. The development of the Okono field, located in approximately 215 feet of water will reach a daily production of 25,000 barrels of oil by July 2002 and a total production of 50 million barrels.

Furthermore, the agreement with NPDC envisages the development of the Okpoho field whose development project is currently underway and it is located in the same area. The start-up of the Okpoho field is scheduled for the end of 2003. The cumulative production of the Okono and Okpoho fields will reach an estimated 50,000 barrels a day.