South Atlantic Petroleum Limited (SAPETRO)

South Atlantic Petroleum (SAPETRO) is a Nigerian Oil Exploration and Production Company that was created in 1995 by General TY Danjuma who had over 15 years in shipping and seven years as Chairman of Agip Nigeria Plc. The ministry of Petroleum Resources in Nigeria awarded the Oil Prospecting License (OPL) 246 to SAPETRO in February 1998 for USD 25 million. The block is deep offshore (water depths of 1,100 – 1,800 meters) it covers a total area of 2,590km2 (1,000 sq miles) and it is 120 – 160 km (74.5 – 99.4 miles) off the coast of Nigeria. SAPETRO partnered with Total Upstream Nigeria Ltd (TUPNI) and Brasoil Oil Services Company Nigeria Ltd (Petrobras) to start prospection on OPL246.

At a time with the price of oil was USD11 – 13 per barrel SAPETRO was taking a big risk with the purchase of the oil prospecting licence especially due to the technical costs involved for exploration of such a deep offshore block as 246.

In 2005, Sapetro received Oil Mining License (OML) 130 to mine on roughly half of OPL 246.

Akpo, a condensate field was discovered in April 2000 with the drilling of the first exploration well (Akpo 1) on the block. Other discoveries made on OPL 246 include the Egina Main, Egina South, Preowei and Kuro (Kuro was suspended as a dry gas/minor oil discovery).

Following an appraisal drilling program on Akpo comprising of four vertical wells and two side tracks and detailed Reservoir and Development studies, a Field Development Plan (FDP) was submitted to the Department of Petroleum Resources (DPR) for approval. The FDP proposed 44 wells -22 producers, 20 water injectors and two gas injectors- with a network of Umblicals, Flowlines and Risers connecting the Subsea Production Systems to the FPSO.

In February 2005, SAPETRO was granted Oil Mining Lease (OML) 130 and thereafter the Federal government backed in through the Nigerian National Petroleum Corporation (NNPC).

In June 2006, SAPETRO divested part of its contractor rights and obligations to China National Offshore Oil Corporation (CNOOC).

SAPETRO produced its ‘first oil’ (condensate) on the 4th March 2009, condensate export lifting is done via a Buoy located 2 kilometres from the Floating Production, Storage and Offloading (FPSO) unit while the Akpo gas is transported via 150 kilometre of pipelines to Amenam/Kpono platform for onward delivery to the Bonny Liquefied Natural Gas (LNG) Plant. Akpo is expected to soon reach peak production of 225kboe per day.

In December 2009 SAPETRO donated a new state of the art medical centre to the Nasarawa State University. The medical centre, to be known as South Atlantic Petroleum Medical Centre would be available to serve the University, the local and neighbouring communities. Emergency and children wards will be present along with the very best facilities available.

South Atlantic Petroleum Benin S.A

A subsidiary of South Atlantic Petroleum Limited was incorporated in 2004 and in the same year, won, through a competitive bidding process, the shallow water Block I and Seme oil field Exploration Contract, offshore Republic of Benin, West Africa. The combined acreage extends over 550 km2 adjacent to Nigeria/Benin international boundary in water depth of up to 100m with a Joint Venture arrangement between SAPETRO and the Government of the Republic of Benin, SAPETRO being the Operator.

In 2007, SAPETRO acquired a 350 km2 seismic data over the acreage and by the end of the 1st quarter of 2009, had drilled two appraisal wells in the Seme field. SAPETRO is currently carrying out detailed Reservoir Studies on the Field.

A proud indigenous Nigeria company SAPETRO employs 40 staff members in Nigerian and is set to become one of the country’s largest oil producers.

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