Seven Energy International Limited (“Seven Energy”), the independent Nigerian integrated gas development, production and distribution company, and its subsidiary company Universal Energy Resources Ltd, announce the commencement of crude oil production from the Stubb Creek Field, in Akwa Ibom State, following approval to embark on delivery of oil through ExxonMobil’s Qua Iboe Terminal.
Seven Energy’s interest in the Stubb Creek field is held through a 62.5% interest in the operator, Universal Energy Resources Ltd. Stubb Creek’s development was conceived and led by the Seven Energy team, resulting in production start up in February 2015 at an initial gross rate of 2,000 bpd. Plans being progressed to increase the processing capacity to 8,000 bpd. The company also constructed a 23 km oil pipeline from the field to the Qua Iboe Terminal to enable evacuation and export.
Commenting on this milestone, Phillip Ihenacho, Chief Executive Officer, Seven Energy, said “Oil production at Stubb Creek marks the successful first phase of our long term development plan, which is designed to deliver commercial development of the field’s oil reserves ahead of the development of the substantial non-associated gas reserves that are also present. In the long term it will bring additional gas production into our existing processing and distribution infrastructure, and so further deepen the growing Nigerian gas market.
Production at Stubb Creek is also important because it marks the attainment of first oil at one of the marginal fields allocated to indigenous companies. This realises the original intention of the marginal field round to enable domestic companies to bring smaller, unutilized fields on-stream, enhancing both domestic ownership and national production, and so revenue.”
The Stubb Creek Field was discovered in 1971 and lies near the mouth of the Cross River in OML 14 located in Akwa Ibom State. It was classified as a marginal field in 2002, and subsequently transferred to Universal Energy, a subsidiary of Seven Energy, in 2004. The field has been developed in a joint venture partnership with Sinopec International Petroleum Exploration & Production Company (Nigeria) Ltd.
Notes to Editors:
Seven Energy International Limited is an independent Nigerian integrated gas development, production and distribution company founded in 2004. With the backing of strategic long-term investors and main offices in Lagos and London, the Group has a unique focus on the emerging Nigerian domestic gas market. The Group’s upstream assets include licence interests in the Uquo Field and the Stubb Creek Field (south east Niger Delta), an indirect interest in OMLs 4, 38 and 41 with Nigerian Petroleum Development Company (north west Niger Delta) and licence interests in OPLs 905, 907 and 917 (Anambra Basin). Its midstream infrastructure assets, focused on south east Niger Delta, include the 200 MMcfpd Uquo Gas Processing Facility and a gas pipeline network of 227 km with distribution capacity of 600 MMcfpd.
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Seven Energy International Limited
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+44 20 7518 3850
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For more information on Seven Energy please visit www.sevenenergy.com