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News

Chinese Businessmen to
Invest $7 Billion in Nigeria


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Quality Grade Crude
Found in the Kula II Field


On December of 2004, Global Santa Fe conducted a test drilling in the Kula II Field in the OPL229 Oil Block in Nigeria with the superbly encouraging results of having reached a 120 feet Pay of rich Hydrocarbons on one Horizon at a depth of 12.000.

Presently, a 3D Seismic acquisition is being conducted by the Foremost Chinese 3D Marine and Swamp survey Vessels, to precisely identify the most suitable drilling targets for the Production of such rich Reservoir that holds an estimated 350MM recoverable barrels of High Brass quality crude. Production through a Bluewater FPSO Early Production System, will link the production wells at Kula.

As part of our responsibilities as Business Development Advisors to EERL, ARDCO has completed the Agreement of Total Development Guaranteed Funding for the OPL229 Block with SINOSURE, who in turn has selected CNOOC as the Technical Partner to take over the SINOSURE's Farm In interest on the OPL229. The 20 year production plan has an estimated value of $1.6 Billion USD.

The Gas recoverable reserves present in the OPL229, plus the 2.4 Billion recoverable reserves of high quality grade crude, make this ARDCO work on behalf of the Owners of the OPL229 a true success story of "shared risk in a multinational and multicultural environment.

 

 
News

Update on News
By Chen Aizhu

BEIJING, Aug 18 (Reuters) - China's CNOOC Ltd (0883.HK: Quote, Profile, Research, Stock Buzz) has quit most of its 35 percent share in the smaller of its two Nigerian oil stakes even after the Nigerian operator drilled two successful wells, a source close to the matter said.

It was not immediately clear why CNOOC decided to relinquish its working interest in oil mining license (OML) 141, formerly oil prospecting license (OPL) 229, after two exploration wells in the shallow-water block sunk last year struck oil.

The move is a rare setback in Chinese state firms' dash into resource-rich Africa, although some are also suffering a rising number of kidnaps of Chinese workers on the continent and growing critism from rights groups.

CNOOC, China's No. 3 oil and gas firm, agreed earlier this month to return its 35 percent share to independent Nigerian firm Emerald Energy Resources Ltd (EERL), the project's operator, the source with direct knowledge of the situation told Reuters.

Under a new agreement, CNOOC would keep a nominal 5 percent stake as collateral for an $80 million loan to the project.

CNOOC said last year it had paid $60 million to buy the stake in OPL 229 in January 2006. It was not immediately clear whether it would recoup any of that investment.

"You would be scratching your head why CNOOC would make such a decision to quit the project after all the money they spent," said the source, who requested anonymity.

While the development is far less advanced than Total's OML-130, in which CNOOC bought a $2.69 billion stake in early 2006, it is one of a handful of prospective fields that could boost production from OPEC member Nigeria, where output has been curtailed for years due to militant attacks on infrastructure. The recoverable reserves in the OML 141 are 2,3 Billion barrels of oil and 4tcfs og gas.

Additional Articles and Resource Material:

› ARDCO / Company Brochure
› SHYACTECO Pipe Coating System Brochure

› ARDCO Business Plan for Sustainable Income Generation Through Natural Energy
› Nigeria and the Future Global Gas Market

› The Nigerian Gas Master Plan
› Goldman Sachs Report

› Potential World Bank Support for Mobilizing Financing for the Gas Sector

 
   
     
     
 
 
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