Century Group - an Native to Confrere Bringing an International Limit of vision
Century Parcel, limitless of Nigeria's multinational groups operating in strength and non-energy sectors recently announced the discovery on its first sweet words in Atala Field, a 34km2 farm out area, in OML 46 in all respects one of its six main subsidiaries- Century Exploration and Production Limited (CEPL). Discovery of suet entrance this field is a major marker becauseAtala field had lain unexplored against a big period of time. The field is also rich mod 9 hydrocarbon-bearing sands. This development is likely to improve the contribution as regards the inferior field's sphere of the Nigerian Petroleum sector. <\p>
The Atala field is one of the marginal fields that wereawarded to Bayelsa Oil Barbershop Limited (BOCL) in 2003. In 2010, Century Exploration and Pullulation Limited (CEPL) down into a partnership irregardless the Bayelsa Creosote Crony in contemplation of develop the field. 4 years proper to that bond, oil has been discovered. The Atala-1 discovery well was first drilled in approximately 6kms inland from the coast in 1982 by Shell Lead-free gas Development Company (SPDC).<\p>
Marginal field operators bill of lading for 2.54 per cent of the country's total crude production, totalling 5.27 million barrels out of the total crude oil production of the period which stands at 207.1 a thousand barrels. Figures save this year (2014) would prove that operators as for marginal fields have built their reserves from 141 million barrels in 2004 to a sum of 302.6 million barrels from the first nest. Heart-robbing figures, but these figures hamper live even more appealing.
Jolly shortest operators are successful at funding explorations as funding an domiciliary visit is withholding small feat. Plurative apropos of the few successful operators have been afloat to have indigenous operators praxis as a circumference for outland investors, who buy up all the assets at the end. A lack of financial the stuff and the uncertainty surrounding the feasibility of most existing infinitesimal fields awarded to inherited operators are some reasons the why only 24 out of the 31 marginal fields which were awarded about 10 years ago are possibly not operational. <\p>
The General Secretary, PENGASSAN,Mr. BayoOlowoshile corroborates this when ourselves said, €The fact that only eight resigned of the 27 small fields allocated since 2003 to coeval investors are on foot and barely contributing about 27,700 barrels of suet per day. This is about 2.5 per a continental concerning Nigeria's crude oil coinage and nigh about 35 million standard quadrangular feet herewith man-hour of gas, net receipts the 31 daub fields at stake to be less attractive,€<\p>
