US-based oil and gas firm Erin Energy expects its oil production to more than double after the completion of drilling in a couple of wells offshore Nigeria.
Erin Energy has revealed its plans to commence drilling operations for the Oyo-9 development well next month. It added that pursuant to the drilling contract with Pacific Drilling, the Oyo-9 drilling operations are slated to be completed by 2017 end.
Completion of drilling the Oyo-9 can potentially expand the Oyo oilfield production by 6,000-7,000BOPD, stated Erin Energy.
Currently, the company’s oil production is around 6,000 barrels of oil per day (BOPD).
Coincidental with Oyo-9 completion, Erin Energy will also tie back to its FPSO the Oyo-7 well, which should add around 1,200 BOPD.
The oil and exploration company said that it is also discussing a potential extension to the contract with Pacific Drilling, subject to availability of funds, to drill one or two wells in OML 120, in the prolific Miocene geological zone.
Erin Energy CEO Femi Ayoade said: “We are pleased with the progress in our drilling operations and the possibility to more than double the Company's current production.
“Additionally, we believe our greatest shareholder value creation opportunities are in our Miocene exploration prospects, where we are working to accelerate the drilling in OML 120 and 121. Solid progress is also being made to restructure the Company's debt, including the reduction in our accounts payable.”
Pacific Bora is the drilling rig under contract with the offshore ultra-deepwater drilling company Pacific Drilling. The drilling rig, which can be used for both drilling and well completion, is claimed to be a highly efficient double-hulled drillship of the sixth generation.
While the spudding of the Oyo-9 well is to begin in mid-June, the first oil production from the well is aimed for September.
Image: Pacific Bora drilling rug. Photo: courtesy of Erin Energy Corporation.