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OML 127 (formerly OPL 216)

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Owner: Famfa Oil

Shore Type: offshore

Block Rights: OML

OML 127

Working Interests

Nigerian National Petroleum Corporation (NNPC) | 50.000%

Chevron | 32.000%

*Famfa Oil | 10.000%

Petrobras | 8.000%

Oil Fields

Field Name

-

-

Agbami

-

-

Updates

Signing of Unitization Agreement

1st February, 2005

hexgear

In February 2005. A unitization agreement was signed between licencee holders of OPL 216 and OPL 217, where Stat Oil is the operator with Chevron and NNPC as a partners. A unitization agreement became more feasible to limit the cost of production and maximise the amount of recoverable crude. The Agbami reservoir is straddled along OPL 216 and OPL 217

Source: http://www.famfa.com/Early_History.php

OPL 216 becomes OML 127

1st December, 2004

hexgear

In 2003, Famfa Oil applied for a conversion from an OPL to an OML, and in December 2004 the request was granted. OPL 216 became OML 127.

Refer to source for more information about Folorunsho Alakija and the Nigerian Government.

Source: http://www.ventures-africa.com/2012/11/the-richest...

Chevron Acquires Texaco for $45 Billion

15th October, 2000

hexgear

On October 15, 2000, Chevron announced acquisition of Texaco in a deal valued at $45 billion, creating the second-largest oil company in the United States and the world's fourth-largest publicly traded oil company with a combined market value of approximately $95 billion.

Source: http://en.wikipedia.org/wiki/Chevron_Corporation

Obasanjo Orders 40% of OPL 216 Re-Allocated to NNPC

1st January, 2000

hexgear

Star Deep Petroleum carried on with exploitation of the oil field. In 2000, the first appraisal well was confirmed to have recoverable reserves in excess of 1 billion barrels of oil equivalent. When this was discovered, the Nigerian government, led by Olusegun Obasanjo immediately ordered that a 40 percent interest in OPL 216 be allocated to the Nigerian National Petroleum Corporation (NNPC) under the Back-in-Right Regulation of 2003 which gives the Nigerian government participatory rights in any OPL or OML. You can read more about this back-in-right regulation in detail here. This would leave Famfa Oil with a 20 percent stake. This was in 2000, and the government did not pay Famfa a dime for the stake.

Source: http://venturesafrica.com/the-richest-black-woman-...

Petrobras Invited onto OPL 216 Project

11th May, 1998

hexgear

On May 11th 1998 Petrobras also were invited onto the project for a participating interest of 8%, thus leaving Chevron 32% and Famfa oil 60% interest in OPL 216.

Source: http://www.famfa.com/Early_History.php

Discovery of Commercial Quantities of Hydro-Carbons

1st January, 1998

hexgear

The Agbami Field is located offshore Nigeria, and is one of the first major discoveries in the deep water Gulf of Guinea. Commercial quantities of hydro-carbons were discovered in 1998. Agbami has estimated oil in place of 2.1 billion STBO with P50 recoverable reserves of approximately 1.0 billion STBO, and potential upside near 1.56 billion.

Source: http://www.famfa.com/Early_History.php

Famfa Oil enters DOA with SDWP

16th September, 1996

hexgear

On September 16, 1996 Famfa oil ltd entered a DOA with Star Deep Water Petroleum assigning them a 40% participating interest in OPL 216.

Source: http://www.famfa.com/Early_History.php

Famfa Oil Awarded OPL 216

10th August, 1993

hexgear

Famfa Oil was awarded the leasehold rights to the 617,000 acre OPL 216 (OML 127) for ten years back in August 10th 1993 by the Nigerian Federal Government. The Comapny has as director Folorunsho Alakija with Modupe Alakija as chairman.

Source: http://www.famfa.com/Early_History.php

Famfa Oil Applies for OPL 216

1st May, 1993

hexgear

In May 1993 Alakija applied for an allocation of an Oil Prospecting License (OPL). The license to explore for oil on a 617,000 acre block – (now referred to as OPL 216) was granted to Alakija’s company, Famfa Limited. The block is located approximately 220 miles South East of Lagos and 70 miles offshore Nigeria in the central Niger Delta.

Source: http://venturesafrica.com/the-richest-black-woman-...

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