By Kenneth Ehigiator
One of Nigeria’s leading indigenous oil firm, First Hydrocarbon Nigeria Limited, FHN, has announced an increase in the oil reserves in the two fields, Ogini and Isoko, it was currently exploring in the Niger Delta, and estimated production target at 50,000 barrels per day in 2013, in response to government’s new local content policy.
The increase brings to 205 million barrels from both fields, comprising 129.3 million barrels for Ogini and 75.7 million barrels for Isoko.
Chief Executive Officer of the company, ‘Labi Ogunbiyi, who disclosed this in a statement in Lagos, said the increase was a testament to the opportunity onshore resources in the region offered.
He said aside from the reserves the two fields offered from oil block OML 26, three proven but yet undeveloped fields of Aboh, Ovo and Ozoro had an estimated reserve of 144 million barrels.
He added that OML 26 also had enormous gas reserves his company would explore in partnership with the Nigerian Petroleum Development Company, NPDC, operator of the block.
Ogunbiyi said: “The increase in reserves on the Ogini and Isoko fields is a further testament to the scale of the opportunity in onshore Niger Delta.”