Aradel Holdings Plc has announced the discovery of the first oil in Omerelu River State.
The company announced the successful re-entry of Well 21st, attaining the first oil on Friday, May 31, 2024.
Aradel noted that attaining First Oil from Omerelu will boost its production capabilities and contribute to its growth and sustainability goals through its subsidiary, Aradel Energy Limited.
It said it received approval for well-testing, which will lead to converting the fieldâs Petroleum Prospecting License (PPL) and ultimately to a Petroleum Mining License (PML), following the regulatory procedures.
The well re-entry was part of the oil companyâs 2024 exploration appraisal drilling campaign to develop and utilize existing assets.
BusinessDay reports that Aradel said it adopted the highest safety standards and levels of environmental stewardship throughout the process.
Also, it said it employed the latest and cutting-edge technology and innovative methodologies in its exploration practices.
Aradelâs chief executive officer and managing director, Adegbite Falade, said the achievement marks a pivotal moment in the companyâs ongoing commitment to resource development and growth.
According to him, the Omerelu Field will extend the firmâs reserves profile and production levels as it reinforces its strategic vision to deliver sustainable energy solutions for economic advancement.
The Omerelu Filed is now PPL 247, about 42 kilometres northwest of Port Harcourt in Rivers State.Â
Aradel acquired a 100% stake in the Omerelu Field in 2014 from the NNPC/Chevron Joint Venture.
The development comes as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the addition of 17 deep offshore blocks to the 2024 Licensing Round.Â
The move is part of the commission’s efforts to enhance exploration activities and increase production in the Nigerian upstream sector.
The NUPRC invited investors to bid for 12 oil blocks and seven deep offshore assets in the 2024 marginal fields bid round.Â
Also, on June 12, 2024, Punch reported that the federal government increased the number of oil blocks on offer in the 2024 marginal bid round.
Gbenga Komolafe, the NUPRC chief executive, announced the additional oil blocks bidding round for 2024 in a statement issued in Abuja on Tuesday, June 19. Komolafe noted that the commission is committed to maximizing the country’s abundant oil and gas resources.
TimesNow.com.ng reported that the Nembe Creek oil field, with 150,000 barrels of crude oil daily, was shut down on Monday, June 17, 2024.
According to reports, Aiteo noted that its Oil Spill and Emergency Response Team was activated and dispatched, and all the production from OML 29 was shut down as a precautionary measure to forestall the impact of the incident.
TimesNow.com.ng earlier reported that Senegal has become the latest oil-producing country in Africa, officially joining the list of global oil producers.
