According to the firm, the field production would supply the much-needed boost for Nigeria, which has faced operational problems in its upstream oil and gas sector.
TotalEnergies —which operates the field with a 40 per cent stake alongside the Nigerian National Petroleum Company, Limited with 60 per cent, said it expects Ikike to deliver 50,000 b/d of oil equivalent by the end of the year. The field is tied back to the Amenam offshore facilities through a 14km pipeline.
The start of production from Ikike will help Nigeria lift its flagging crude output, which slumped to a 17 month low of 1.26 million barrels a day in June which is 510,000 b/d below its OPEC target for the month, according to Argus estimates.
According to the NUPRC, the country’s level of crude oil theft is estimated at a daily average of 108,000 barrels in 2022.
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