LEKOIL (AIM: LEK), the oil and gas exploration and development company with a focus on West Africa, is pleased to announce that oil is flowing at the Otakikpo Marginal Field to onshore storage tanks, where it will be evacuated upon completion of the offshore pipeline. All onshore facilities have been fully commissioned and signed off by the regulators, and the offshore pipeline leading from the storage tanks to the tanker offloading manifold is 80% complete.
Upon completion of the pipeline, the joint venture partners comprising of Green Energy International Ltd as Operator and LEKOIL as Technical Partner, expects to start transporting to the export terminal and subsequently, be able to gradually ramp up production to 10,000 bopd.
Lekan Akinyanmi, LEKOIL's CEO, said: "We're delighted to announce this key milestone from the Otakikpo field. I would like to thank the entire team that has worked so hard on this project, our partners Green Energy, investors, debt financiers, our host communities and our government regulators for their continued support."