Operations

In 2005, Newcross acquired a 40% participating interest from PPL in the Egbaoma (formerly referred to as Umutu) field in OML 38, in which it acts mainly as a financial and technical partner.

A significant milestone was reached in 2007 when their JV partnership achieved first oil at the Umutu field and began production at a daily output of 3,000 barrels. In the same year, the Company commissioned a 10,000bpd capacity flow station and a 48kilometer evacuation pipeline to Kwale, Delta state. Furthermore, in 2010, a 30 mmscf LPG and propane plant was commissioned at Umutu, and the Company registered the fourth CDM project for gas recovery in Nigeria, later that year.

In 2010 and as part of its efforts towards becoming an active, fully indigenous player in the upstream and midstream sectors of the Nigerian oil and gas industry, Newcross entered into a PSC with the NNPC through the acquisition of 90% participating interest in OPL 283 from Centrica Resources Nigeria Limited (60%) and CCC Oil & Gas Nigeria Limited (30%). The remaining 10% is owned by Rayflosh Petroleum Limited, the local content vehicle (LCV) partner from the previous ownership.

In 2012, the company secured the consent on its acquisition of 90% participating interest in OPL 276 (another Production Sharing Contract) from Centrica Resources Nigeria Limited (60%) and CCC Oil & Gas Nigeria Limited (30%), while Albright Wave retains its 10% as the local content vehicle (LCV).

In 2013, Newcross made its first hydrocarbon discovery in Efe field, a find of 20 hydrocarbon bearing reservoirs with a total thickness of 648ftMD.

administratorOperations