Owanare 1 Exploration Well Discovers Gas
OML 122 is located 25-60 km offshore in water depths of 40-300 meters and covers an area of 1,295 sq. km on the Western Niger Delta, east of Shell's giant Bonga Field (estimated 1.4 billion barrels).
Owanare 1, the second well drilled on OML 122 by Peak/Equator, is located in a water depth of 137 meters, 18 kilometers to the southeast of the Peak/Equator "B-DX1" discovery well. The Owanare 1 well is being logged while drilling and has encountered gas in a 48 meter zone (157 feet) in the interval 1683-1732 meters brt and in a 13 meter zone (43 feet) in the interval 2183-2196 meters brt. Several water bearing zones have also been encountered below these zones to the current depth. The 9-5/8" casing has been successfully installed with the shoe at 3063 meters brt. The well is drilling ahead at 3346 meters brt towards deeper targets starting at 3550 meters brt. Depending on the extent of the increase in pressures experienced at these depths, a 7" liner may be required before the deeper objectives can be reached. Equator is funding the cost of the Owanare 1 exploration well to earn a 40% economic interest in any gas development scheme.
The aim of the Peak/Equator drilling program is to prove-up significant volumes of gas as potential supply for the numerous gas-utilisation projects currently underway or in planning stages in Nigeria within close proximity to OML 122. The secondary objective is to find commercial volumes of oil on the block.
Commenting on the results to date from the Owanare 1, Wade Cherwayko, Chief Executive of Equator, said:
"Peak and Equator are delighted to announce another gas discovery in their joint venture on OML 122 and look forward to penetrating and evaluating the deeper objectives. With the large number of gas utilization projects being developed onshore Nigeria, Peak and Equator hope to monetize the gas discoveries to date on OML 122 in the near future."
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension