Asset Overview
Dutchford Exploration and Production Company Limited (Dutchford) is the approved special purpose vehicle (SPV) for operating and managing the Udibe Oil Field. The field is located offshore Niger Delta in the Dutchford’s PPL 237, previously MPN operated OML 70 block, which was granted by the Federal Government of Nigeria (FGN) through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in the 2020 NUPRC Marginal Field Bid Rounds.
The Udibe oil field is located approximately 70km offshore in 88 ft (27 m) of water depth in the Niger Delta. The PPL 237 lies 55 km SW of QIT, 5 km south of Abang Field, 10 km NE of the Ekpe Field and 15km SE of the Usari Field. The concession area is ~42 sq km and contains several faults and fault-related folds, providing structures for hydrocarbon accumulation.
The field was discovered by MPN in 1995 with the Udibe-1 well where it encountered 5 NAG reservoirs, 1 condensate and 3 AG reservoirs making up the 1-UD1 – 9-UD1 reservoir. The Udibe-1 well was suspended as hydrocarbon bearing, within nine (9) sand levels (5 NAG and 4 oil) discoveries between 6,669ft – 10,960ft. However, the hydrocarbon resource volumes from the reservoir models indicates 2C STOIIP and GIIP of 77 MMBO and 279 Bscf respectively. The current LKO/ODT for the 7-UD1 & condensate in 8-UD1 present upsides more than 40% incremental STOIIP. The Udibe oil within the PPL 237 is typically light, with crude API ranging between 30o and 40o. Gas has a BTU content range between 920-1170 with little or no inert gases. Low API biodegraded oil was found in shallow intervals across the JV asset.
Additional potentials for prospective resources exist within the Udibe field with gross sand thickness in excess 250ft with good chance of success within 14,100 – 14,500ft. These include the: Abang-Udibe N-S Dip Transect, Udibe Deep–JVIE Tor3 LST and Udibe Deep–Tor3 LST E-W Transect. The total speculative potential upside prospects are put at 83Mmbbl, with additional upside potential of 238Mmbbl in the 2 objective horizons.
The Udibe oil field is located approximately 70km offshore in 88 ft (27 m) of water depth in the Niger Delta. The PPL 237 lies 55 km SW of QIT, 5 km south of Abang Field, 10 km NE of the Ekpe Field and 15km SE of the Usari Field. The concession area is ~42 sq km and contains several faults and fault-related folds, providing structures for hydrocarbon accumulation.
