The Africa Energy Council on Thursday, April 23, stated that Eni, a major Italian integrated energy company, has secured federal government’s approval to proceed with the $7.3 billion Zabazaba deep water project and the $3 billion Etan field development.
The Zabazaba and Etan fields are located in the offshore Oil Prospecting License (OPL) 245 block in water depths of about 1,900 metres.
In the block’s Progressive Multifocal Leukoencephalopathy (PML) 103, Zabazaba is expected to yield 320 million barrels of oil and 11.1 bcm (391 bcf) of associated gas, and will be developed in two phases via a 150,000-bopd Floating Production, Storage, and Offloading (FPSO).
In PML 102, Etan is expected to yield 151 million barrels of oil and 3.8 bcm (133 bcf) of associated gas, and will also be developed in two phases via linkages to the Zabazaba FPSO.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has put forth a timeline that places first oil production and gas sales from the developments in 2029.
In March, Eni and the federal government settled terms in an arbitration case related to the acquisition by Shell and Eni of OPL 245 from a company linked to former Nigerian oil minister Dan Etete.
The settlement led to the subdivision of OPL 245 into two production licences and two exploration licences: PML 102, PML 103, PPL 2011, and PPL 2012.
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