ExxonMobil Starts Oil Production at Erha North Phase 2 Project Ahead of Schedule and Well Under Budget
16 Septembre 2015 - 3:00PM
Business Wire
- Project starts up five months early and
$400 million under budget
- Daily oil production to increase by
65,000 barrels per day
- Subsea development ties into existing
infrastructure for capital efficiency
Exxon Mobil Corporation (NYSE:XOM) announced today that its
subsidiary, Esso Exploration and Production Nigeria Limited, has
started oil production ahead of schedule at the Erha North Phase 2
project offshore Nigeria.
The Erha North Phase 2 project is a deepwater subsea development
located 60 miles offshore Nigeria in 3,300 feet of water and four
miles north of the Erha field, which has been producing since 2006.
The Erha North Phase 2 project includes seven wells from three
drill centers tied back to the existing Erha North floating
production, storage and offloading vessel, reducing additional
infrastructure requirements.
The project is estimated to develop an additional 165 million
barrels from the currently producing Erha North field. Peak
production from the expansion is currently estimated at 65,000
barrels of oil per day and will increase total Erha North field
production to approximately 90,000 barrels per day.
“Executing successful projects such as Erha North Phase 2 ahead
of schedule and under budget results from ExxonMobil’s disciplined
project management approach and expertise,” said Neil W. Duffin,
president of ExxonMobil Development Company. “We are able to create
additional shareholder value by optimizing existing infrastructure,
which reduces capital spending requirements and improves capital
efficiency.”
Duffin said the ahead-of-schedule startup was supported by
strong performance from Nigerian contractors, which accounted for
more than $2 billion of project investment for goods and services,
including subsea equipment, facilities and offshore
installation.
“These contracts are bringing direct and indirect benefits to
the Nigerian economy through project spending and employment,
consistent with project objectives,” Duffin said.
ExxonMobil expects to increase its global production volumes
this year by 2 percent to 4.1 million oil-equivalent barrels per
day, driven by 7 percent liquids growth. The volume increase is
supported by the ramp up of projects completed in 2014 and the
expected startup of major developments in 2015.
The Erha North field was discovered in 2004 and initial
production commenced in 2006. Operator Esso Exploration and
Production Nigeria Limited holds a 56.25 percent interest in Erha
North Phase 2, while Shell Nigeria Exploration and Production
Company holds the remaining 43.75 percent share.
CAUTIONARY STATEMENT: Statements of future events or conditions
in this release are forward-looking statements. Actual future
results, including project plans, schedules, costs, and capacities;
production rates; ultimate recoveries; and global volume growth
could differ materially due to changes in market conditions
affecting the oil and gas industry or long-term oil and gas price
levels; political or regulatory developments; reservoir
performance; timely completion of development projects; technical
or operating factors; the outcome of future commercial
negotiations; and other factors. References to oil and gas volumes
in this release may include quantities that are not yet classified
as “proved reserves” under U.S. SEC definitions but that we expect
will ultimately be produced and moved into the proved reserve
category. The term "project" as used in this release does not
necessarily have the same meaning as under any government payment
transparency reporting rules.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150916005282/en/
ExxonMobilMedia Relations, 972-444-1107
Exxon Mobil (NYSE:XOM)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Exxon Mobil (NYSE:XOM)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024