South Atlantic Petroleum Limited (SAPETRO) is a Nigerian Oil Exploration and Production Company that was created in 1995 by General T. Y. Danjuma. At the time of SAPETRO’s inception General Danjuma had over 25 years of business experience from his very successful shipping agency and terminal operator, NAL-Comet as well as relevant expertise having spent seven years as chairman of the Board of Directors of Agip Nigeria Plc until 1995.
The ministry of Petroleum Resources awarded the Oil Prospecting License (OPL) 246 to SAPETRO in February, 1998. The block covers a total area of 2,590km2 (1,000 sq. miles) and lies 120-160km due South of Port Harcourt, in water depths of about 1,100m-1,800m. SAPETRO partnered with Total Upstream Nigeria Ltd (TUPNI), and Brasoil Oil Services Company Nigeria Ltd (Petrobras) to start prospection on OPL246.
Akpo, a condensate field was discovered in April 2000 with the drilling of the first exploration well (Akpo 1) on the block. Other discoveries made on OPL 246 include the Egina Main, Egina South, Preowei and Kuro (Kuro was suspended as a dry gas/minor oil discovery).
Following an appraisal drilling program on Akpo comprising of four vertical wells and two side tracks and detailed Reservoir and Development studies, a Field Development Plan (FDP) was submitted to the Department of Petroleum Resources (DPR) for approval. The FDP proposed 44 wells -22 producers, 20 water injectors and two gas injectors- with a network of Umblicals, Flowlines and Risers connecting the Subsea Production Systems to the FPSO.
In February 2005, SAPETRO was granted Oil Mining Lease (OML) 130 and thereafter the Federal government backed in through the Nigerian National Petroleum Corporation (NNPC).
In June 2006, SAPETRO divested part of its contractor rights and obligations to China National Offshore Oil Corporation (CNOOC).
SAPETRO produced its ‘first oil’ (condensate) on the 4th of March 2009 and production has continued to ramp up to date. Condensate export lifting is done via a Buoy located 2 kilometers from the FPSO while the Akpo gas is transported via 150 kilometer of pipelines to Amenam/Kpono platform for onward delivery to the Bonny Liquefied Natural Gas (LNG) Plant. Akpo is expected to soon reach peak production of 225kboe per day.
South Atlantic Petroleum
11th and 12th Floor
South Atlantic Petroleum Towers
7, Adeola Odeku Street
Victoria Island - Lagos
Call: +234 (0) 1 262 5516 - 7
+234 (0) 1 261 4775 - 6
+234 (0) 1 270 1906
Fax: +234 (0) 1 262 5518