. Eye Commercialisation
.Appoint financial adviser to identify optimal commercialisation options for OML 113 gas field
Partners in the Aje Field, located offshore Lagos in Oil Mining Lease (OML) 113, have advanced plans to transform the once oil-producing asset into a major gas development project, signalling a strategic shift that could unlock one of Nigeria’s most promising offshore gas resources.
The redevelopment marks a significant departure from the field’s original oil-focused development, following an aligned partnership structure and a consolidated project position that has strengthened the commercial outlook of the asset.
PetroNor E&P, one of the partners in the field, disclosed that the redevelopment programme had reached a critical milestone, with static and dynamic reservoir modelling nearing completion.
The updated subsurface studies are expected to significantly improve the project’s economics, reduce development risks and provide greater certainty on the recoverable gas resources ahead of a Final Investment Decision (FID).
To accelerate the next phase of development, the company has appointed a financial adviser to evaluate and identify the most attractive commercialisation options for the gas project. The adviser is expected to support discussions with potential financiers, strategic investors and off-takers as the partners move the project towards commercial sanction.
According to PetroNor, the Aje redevelopment has evolved into a defined gas project with attractive economics underpinned by sizable hydrocarbon resources.
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Current gross appraised resources are estimated at approximately 500 billion cubic feet (BCF) of natural gas, supported by valuable associated liquids comprising about 20 million barrels of condensate, 20 million barrels of liquefied petroleum gas (LPG) and propane and an additional 20 million barrels of oil.
For PetroNor, the project represents a significant growth opportunity, with its net share of the field’s 2C contingent resources estimated at 70.1 million barrels of oil equivalent (mmboe).
