Green Energy International Limited (GEIL), an indigenous company operating the Otakikpo marginal field in Oil Mining Lease (OML) 11, will expand oil production to 25,000 barrels per day next year.
The chairman of the company, Prof. Anthony Adegbulugbe, revealed this in Abuja at the weekend during its end-of-year celebration.
Expressing fulfilment over the planned increase in production at the field near Port Harcourt, Rivers State, he said, “I am very excited about our next phase of expansion which is to take the field’s production to 25,000 bpd.”
The company also unveiled its rebranded logo at the occasion.
Adegbulugbe also said GEIL has set the pace for other companies in transitioning to the Petroleum Industry Act by being the first company to fulfil all requirements to secure the Host Community Development Trust (HCDT) approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
“These consistent spectacular demonstrations of outstanding ability to turn obstacles into opportunities and problems into possibilities are borne out of a deep-rooted corporate character that sees challenges as guidelines and not stop signs,” he said.
Adegbulugbe urged the employees to sustain the firm’s corporate governance principles.
The phase two expansion follows the drilling of two development wells. Currently, GEIL operates the Otakikpo field through a 10,000bpd oil handling, a 20MMscf gas handling processing equipment and 20,000bpd export facilities.