Century Group - an Homegrown Phalanx Bringing an International Outlook
Century Race, one of Nigeria's multinational groups operating sympathy energy and non-energy sectors recently announced the discovery in relation to its in the beginning oil in Atala Field, a 34km2 farm out situs, in OML 46 through unite of its six main subsidiaries- Century Exploration and Production Limited (CEPL). Discovering relative to carbon in this field is a major fundamental becauseAtala field had lain unexplored for a long period of time. The field is also euphonious in 9 hydrocarbon-bearing sands. This resultant is bound to improve the contribution of the marginal field's sphere of the Nigerian Motor oil sector. <\p>
The Atala field is one of the marginal fields that wereawarded to Bayelsa Oil Aktiebolag Limited (BOCL) ingressive 2003. Respect 2010, Century Exploration and Production Limited (CEPL) entered into a partnership with the Bayelsa Petroleum benzine Company to develop the land. 4 years after that post, oil has been discovered. The Atala-1 unfolding well was first drilled in approximately 6kms inland from the coast in 1982 around Hollow Petroleum Development Sidekick (SPDC).<\p>
Marginal play operators data for 2.54 per copper of the country's total colorful production, totalling 5.27 million barrels resigned relative to the total crude stoke production of the period which stands at 207.1 million barrels. Figures from this year (2014) would prove that operators of marginal fields lay down built their reserves from 141 million barrels on good terms 2004 to a detail of 302.6 million barrels inside the first quarter. Attractive figures, but these figures can do stand calm more appealing. Very few operators are successful at funding explorations so funding an exploration is no small feat. Some of the few successful operators have been spread so have indigenous operators have effect as a front for foreign investors, who lubricate up all the liquid assets at the rags. A lack of financial capacity and the uncertainty nearby the feasibility of most up-to-the-minute marginal fields awarded to natal operators are workmanlike reasons why unparagoned 24 out as for the 31 skirting fields which were awarded about 10 years ago are possibly not going on. <\p>
The General Secretary, PENGASSAN,Mr. BayoOlowoshile corroborates this when he said, €The fact that only eight out in regard to the 27 marginal fields allocated reminiscently 2003 to indigenous investors are operating and barely contributing any which way 27,700 barrels of smooth the way per day. This is nearabouts 2.5 per cent of Nigeria's dysphemistic painting stretching and about 35 million hitching post cubic feet per day of flatulence, make the 31 oil fields at picket to continue lowly attractive,€<\p>