OPL 205 was awarded to Summit Oil, an indigenous Nigerian company owned by the prominent Nigerian family of Chief Moshood Abiola. Suntera became a partner to Summit in 2006, and helped convert the block to a 20-year oil production license (OML 142) in 2010. Whilst Summit remains the operator , Suntera is the technical party supporting Summit in its endeavours. Suntera created a local operating company Suntera Nigeria 205 Ltd as the holding company for its interest in the licence. Subsequently , Suntera sold half of its interest in Suntera Nigeria 205 Ltd equally to Oil India Ltd (OIL) and Indian Oil Corporation Ltd (IOCL). OIL and IOCL are publicly listed companies with a collective market capitalization of more than $30 Billion, with a majority of their shares held by the Government of India .
OML 142 is located on the northern edge of prolific Niger delta petroleum province. The block contains a gas-condensate discovery, Otien-1, and has a number of prospects which may contain oil or gas. It is Suntera’s intention to develop the Otien discovery, and further explore the licence area.OML 142 is close to existing oil and gas pipeline infrastructure.
OML 142 offers relatively low cost, and low risk exploration and development oppurtunities, within a major oil and gas province, and benefits from excellent fiscal terms. The block has a number of prospects identified with likely prospectivity in excess of 200 mmboe. There is also a strong possibility of additional oil being present in Otien’s upper zones which were not sampled at the time of drilling. If oil is present in Otien, the volumes are likely to be sufficiently large for an immediate economic development, and the probability of finding oil in the other prospects will increase.
The work plan being pursued by Suntera and its partners is to acquire more seismic data and to test the best prospects currently identified as economically justified.
Oil Prospecting Licence (OPL) 905 was awarded in 2005 to a consortium comprising Gas Transmission & Power Ltd (GTPL) and Ideal Oil & Gas Ltd. Suntera became a partner in 2006 and the consortium agreed a PSC that was signed in April, 2007. GTPL is the operator while Suntera is the Technical Party and provides support to GTPL for all operations.
OPL 905 is located onshore in the Anambra Basin, some 250 kms from the coast, and adjacent to the main Niger delta petroleum province. The block contains two known gas discoveries, Ihandiagu and Amansiodo, and has significant potential for further discoveries.
The Ihandiagu field is a gas discovery originally drilled by Safrap/Elf and estimated at 700 Bcf, and with shallow reservoirs will be technically simple to develop. Fluid samples contain dry gas with NGLs. Amansiodo field was discovered in the 1950s by Shell but limited seismic or log data is available. There is potential for several more Tcf to be discovered on the block.
Field development and operating cost are expected be relatively low as OPL 905 is an accessible onshore area, with relatively easy drilling conditions. However, OPL 905 is isolated from existing gas pipeline infrastructure and export pipeline costs are expected to be the largest component of any development. The block could also form the nucleus of a gas based power development which would help catalyze economic development in the Enugu and Anambra states and the surrounding part of Nigeria.