OML 55

OML 55 is located in the swamp to shallow water offshore areas in the south eastern Niger Delta in Nigeria. Seplat and BelemaOil are joint operators of the block on behalf of the NPDC/Seplat/BelemaOil Joint Venture.

Licence type Exploration, development and production
Operator Seplat, BelemaOil
Working interest N/A
Partners NNPC, BelemaOil
Main fields Robertkiri, Idama, Inda (producing)
2015 gross liquids production 7,764 bopd
2015 gross gas production n/a
Gross remaining 2P oil reserves 74 MMbbls
Gross remaining 2P gas reserves 768 Bscf
2016 activities Production and development

OML 55 covers an area of approximately 840km² and is located in the swamp to shallow water offshore areas in the south eastern Niger Delta. The block contains five producing fields (Robertkiri, Inda, Belema North, Idama and Jokka). The majority of production on the block is from the Robertkiri, Idama and Inda fields. The Robertkiri field is located in swamp at a water depth of five metres and has a production platform and utility platform installed. Production capacity at the Robertkiri facilities is 20,000 bpd and 10 MMscfd. Production facilities at the Idama field comprise a jack-up mobile offshore production unit (‘MOPU’) and riser platform that have a capacity of 30,000 bpd of total fluids and 34 MMscfd. The Jokka field is produced through a manifold tied-back to the Idama facilities. Production facilities at the Inda field comprise a MOPU with a capacity of 30,000 bpd of total liquids and 34 MMscfd. Overall, the infrastructure on OML 55 comprises four flow stations, a network of flow-lines, and two eight-inch pipelines that connect to third party operated infrastructure. The Belema field is unitised with OML 25 and is produced via a flow station on that block. All produced liquids from OML 55 are delivered via third party infrastructure to the Bonny terminal for processing and shipping. In addition to the oil potential on the block there is also an opportunity to develop the significant gas resources that have also been identified.

Having acquired in 2015 a 56.25% shareholding in BelemaOil Producing Limited (“BelemaOil”), which in turn acquired from Chevron Nigeria Limited a 40.00% interest in OML 55, Seplat had prior to 30 June 2016 consolidated the accounts of BelemaOil.  Post June 2016 Seplat and BelemaOil agreed to a new arrangement (subject to ministerial consent) which provides for a discharge sum of US$330 million to be paid to Seplat over a six-year period through allocation of crude oil reserves of OML 55.  In turn, Seplat will no longer be a shareholder in BelemaOil. The 40.00% operated interest in OML 55 will be jointly controlled by Seplat and BelemaOil over the period of this arrangement through an Asset Management Team comprising equal representatives of both parties. The Asset Management Team makes all the key decisions regarding the technical and commercial activities of the underlying asset, and unanimous consent of all parties is required for decision making. As such, Seplat has deconsolidated BelemaOil in its financial statements. Joint control however, will exist over OML 55 through the representation on the Asset Management team.