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Sirius Petroleum confirms talks with BP for Ororo offtake and funding

EBR Staff Writer Published 13 June 2017

Sirius Petroleum has confirmed media speculation that it has been in talks with BP about an offtake and pre-payment facility for a proposed drilling on the Ororo field in offshore Nigeria.

The UK-based Sirius Petroleum is an investing company with focus on oil and gas exploration and development opportunities in Nigeria.

It stated: “Discussions with BP, and other parties regarding financing, are ongoing and there can be no certainty that Sirius will reach an agreement with BP regarding the proposed offtake and pre-payment.

“The Company will provide updates to the market as appropriate.”

Located in the shallow waters offshore the Nigerian state of Ondo, the Ororo field, which is at a water depth of 23-27ft in Oil Mining Lease 95 (OML 95), is estimated to have 35.5-44.1MMbbl of oil, and 277-390 Bcf, according to an independent assessment made by Schlumberger. 

The Ororo field was discovered in 1986 following the drilling of the Ororo-1 well by Chevron. It is adjacent to Chevron-operated fields of Mina, Eko, West Isan, Ewan and Parabe fields.

Last month, Sirius Petroleum had confirmed the deployment of the COSL Power jackup rig for drilling the Ororo field. Considered to be a modern high-specification jack-up rig, COSL Power is an ABS A1 Self Elevating Drilling Unit which can drill water depths of 375ft.

In April, Sirius Petroleum through Tidewater Marine International had arranged for the provision of offshore service vessels (OSVs), with the inking of an OSV contract for a multi-well drilling program as part of its shallow offshore development strategy in Nigeria.

Prior to that, in March, Sirius Petroleum awarded a contract to Polaris Consulting to carry out a Seabed Survey around the Ororo field licence area.


Image: Sirius Petroleum will deploy the COSL Power jackup rig for Ororo drilling. Photo: courtesy of Sirius Petroleum Plc.