Operations - Rano Accrete Petroleum Development Company

Operations

What we do

RAPDC is the operator for PPL-245 containing the shallow offshore Oloye field, offshore Delta State, Nigeria. With our expertise and experience, RAPDC is well equipped and resourced to manage the exploration, development, and production of hydrocarbons from the shallow offshore Oloye field thereby contributing to the growth and sustainability of the energy industry in Nigeria.

Our Operations

The Oloye field is currently located in Petroleum Prospecting License (PPL) 245 which was awarded by the Federal Government jointly to A. A Rano Nigeria Limited (55%) and Accrete Petroleum Limited (45%) in June 2022, following their successful joint bid of the 2020 Marginal field bid round.

The Oloye field was previously located in Oil Mining Lease, (OML) 95 operated by Chevron Nigeria Limited prior to the bid round.

Oloye field is located shallow offshore, western Niger Delta, approx. 30 km from shore in water depth of approximately 30 to 45 ft of water depth. The field is covered with 3D seismic which was recently reprocessed in 2018. The Rano-Accrete Petroleum Development Company (RAPDC) Limited was formed as an SPV in 2021 to operate Oloye field following the 2020 Marginal field bid round successful bids.

We are currently in the process of delivering our first oil project involving a re-entry and drilling of a new well. We are on track to achieve first oil of circa 8,000 bopd in early 2025.

Our Operations

The Oloye field was previously located in Oil Mining Lease, (OML) 95 operated by Chevron Nigeria Limited prior to the bid round.

We are currently in the process of delivering our first oil project involving a re-entry and drilling of a new well. We are on track to achieve first oil of circa 8,000 bopd in early 2025.

Upstream Activities

The RAPDC field development plan for Oloye is proposed to be in two to three phases. The Phase 2 plan includes additional producers and, the phase-3 will be focused on deeper appraisal/exploration for gas/condensates

The Oloye field phase 1 development plan includes a re-entry of the discovery well (Oloye-2) and drilling of a new producer to deliver an estimated 8,000 bopd (barrels of oil per day) in early 2025 .The phase-2 development plan would add additional oil producers and a water injection/disposal well(s) to serve the dual role of disposing produced water and reservoir pressure maintenance. This development is estimated to increase production to a peak of 15,000 bopd in 2027. A possible phase 3 plan would focus on deeper level gas/condensate appraisal and exploration to target deep, rich gas resouces.

Midstream Activities

The Oloye field phase 2 development plan includes the deployment of a Floating Offshore Storage (FSO) vessel for the storage of processed crude and offtake services. The FSO is planned to be licensed as a terminal. The FSO is also envisaged to have sufficient capacity to provide storage and offtake services to third parties.