By OGJ editors
HOUSTON, Dec. 15 -- Oyo oil field has started production from two subsea wells in 400 m of water about 75 km off Nigeria.
Italy’s Eni SPA, whose affiliate Nigerian Agip Exploration Ltd. holds a 40% interest in the production-sharing contract and is the operator, said initial production capacity is 25,000 b/d.
The field produces through the Armada Perdana floating production, storage, and offloading vessel, which has treatment capacity of 40,000 b/d of liquids plus gas treatment and reinjection facilities. The FPSO can store as much as 1 million bbl of crude.
Associated gas is to be reinjected into the reservoir by a third well. The development plan also includes a water-injection well.
Other interests in the field are Allied Energy PLC 57.5% and CAMAC Energy Holdings Ltd. 2.5%.
CAMAC last month signed an agreementr to sell its Oyo interest to Pacific Asia Petroleum Inc. in exchange for 62.74% of the common shares of Pacific Asia and $38.84 million cash.