PROJECT – TECHNICAL EVALUATION OF AN OIL & GAS ASSET
CLIENT – CENTURY EXPLORATION & PRODUCTION LIMITED / HERITAGE BANK / HARDY OIL & GAS / BAYELSA OIL
COMPANY LIMITED
LOCATION – ATALA FIELD, OML 46, BAYELSA STATE, NIGERIA
COST – CONFIDENTIAL
ROLE – INDEPENDENT CONSULTANT
DATE – AUG 2015
STATUS – COMPLETED

Energy Culture was engaged as a project technical consultant by Heritage Bank to evaluate the development work undertaken by Century Exploration and Production Limited (“CEPL”) for the production and evacuation of crude oil from the Atala field, located within OML 46 and transport along the Dodo River Creek in North-Western Bayelsa State, Nigeria to a designated off-take point.

The terms of Energy Culture’s engagement encompass; (i) the examination of the existing crude oil production facility and, (ii) assessment of the two options presented for evacuation of the produced crude oil and present an accurate state of affairs to Heritage Bank in a report.

The Atala field is one of the marginal oil fields jettisoned by the International Oil Companies operating in Nigeria due to its scale of production. This field was awarded to Bayelsa Oil Company Limited (“BOCL”) by the Federal Government of Nigeria during the oil marginal field bid rounds of 2003 and subsequently, BOCL then entered into a Joint Venture Operations with CEPL, thereby relinquishing their financial and operational rights to further develop the field.
To this extent, CEPL approached Heritage Bank in 2014, for a loan to finance the development of a viable evacuation infrastructure, after raising funds from other sources to finance the production side.